USD/MXN trades near 2016 low level

Source: Dukascopy Bank SA


The USD/MXN currency exchange rate has been trading this summer below the 2016 low level, which marks it at a eight year low. The decline of the rate had been guided down by a resistance line throughout 2022. However, in late 2022, as the pair bounced off the resistance line for a third time, a steep decline started, which has lasted into mid-2023. The decline occurred in a channel down pattern.

Most recently, the pair found enough support in the lower trend line of the pattern to start a recovery that broke the resistance of the 17.00 mark and the 50-day simple moving average.

A continuation of the ongoing recovery could be slowed down by the 17.50 level, before the rate approaches the upper trend line of the 2023 channel down pattern. Above the resistance line, take into account the 200-day simple moving average near 18.00.

Meanwhile, a potential resumption of the broader decline would have to pass the combined support of the 2016 low level at 17.06, the 17.00 mark and the 50-day simple moving average. Further below, note the lower trend line of the channel pattern, the 16.50 level and the late 2015 low level.
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