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Break above 17.42 essential to affirm an extended bounce – SocGen – Crypto News
USD/MXN rebound has faltered near recent pivot high of 17.42. Economists at Société Générale analyze the pair’s technical outlook.
A pullback can be expected towards 16.80 in the short-term
Daily MACD is struggling to maintain above its trigger denoting lack of steady upward momentum.
A break above 17.42 is essential to affirm an extended bounce.
Short-term, a pullback can be expected towards 16.80, the 76.4% retracement of recent bounce. If the pair fails to defend this, one more down leg can’t be ruled out.
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