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Moderate Uptick For USDMXN Seen As Corrective At This Juncture

MXN
  • Monitoring a moderate uptick for USDMXN to fresh session highs around 16.90, however, price action is doing little to alter the bearish theme across the week, with a bear cycle remaining in play for the pair. Mex inflation data close to expectations has done little to alter Banxico rate cut expectations and there have been no recent headlines hitting the wires. Interestingly, USDCLP has dipped across a similar timeframe, highlighting a small retracement of the divergent price action seen this week.
  • To highlight, MXNCLP has declined 0.65% off the intra day highs, following a substantial 2.90% rally this week. Overall, the 17.00 handle in USDMXN has been cleared and a continuation lower would signal scope for a move towards the key support at 16.7852, the Jan 8 low. A break of this level would resume the technical downtrend.
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