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- Key Development:
USD/MXN has broken below its recent support range, showing signs of renewed bearish momentum.
🔍 Technical Overview
- The pair failed to stay above its 50-day moving average (50-DMA) during a recent rebound.
- It then fell below the lower end of its consolidation range, confirming a new leg lower in the trend.
📊 What to Watch Next
- Short-term resistance:
🔼 18.65 – This is near the 50-DMA and could limit any rebound attempts.
- Downside targets:
🔽 18.15 – First support level
🔽 17.80 – 17.60 – These are the July 2024 lows and the next major downside zones
đź§ Summary
- USD/MXN is back in a downtrend after breaking range support.
- Unless the price climbs back above 18.65, further declines are likely toward 18.15 and possibly 17.60.