USD/MXN Price Analysis: Bears await break below descending channel support near 17.00 USDMXN Technical Analysis Currencies
lowest level since December 2015. The pair currently trades around the 17.0915-17.0920 region, up just over 0.10% for the day, and so far, has managed to defend support marked by the lower boundary of a nearly one-month-old descending channel.
From a technical perspective, the Relative Strength Index on the daily chart is flashing oversold conditions and holding back traders from placing fresh bearish bets around the USD/MXN pair. That said, the lack of any meaningful buying suggests that a multi-month-old downtrend is still far from being over. Hence, any attempted recovery move could attract fresh sellers near the 17.2550 area, which coincides with the 50-period Simple Moving Average on the 4-hour chart.
This, in turn, should cap the USD/MXN pair near the trend-channel resistance, currently pegged around the 17.2600 round-figure mark, which should now act as a pivotal point for short-term traders. A convincing break through the said barrier will suggest that the USD/MXN pair has formed a near-term bottom and pave the way for a further appreciating move towards last week's swing high, around the 17.3345 area.
On the flip side, the multi-year low, around the 17.0245-17.0240 area touched on Friday, now seems to protect the immediate downside ahead of the trend-channel support, currently around the 17.0000 psychological mark. A convincing break below the latter will mark a fresh bearish breakdown and set the stage for an extension of the recent well-established bearish trend witnessed over the past three months or so.
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