📉 USD/MXN Breaks Support, Signals Fresh Downtrend – Société Générale

• 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

---

🧠 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.