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USDMXN Trades To Fresh Session High Following Powell/Banxico Decision

MXN
  • Mainly driven by Powell, USDMXN has gained some ground to reach a fresh session high of 17.6874. Some acknowledgment of the progress for disinflation and the revision lower for Q4 2023 headline inflation may be adding a very moderate tailwind for the pair, although Banxico’s statement retains all the hawkish elements from previous decisions.
  • As we highlighted earlier, the USDMXN price pattern appears to be a bear flag, a bearish continuation pattern. The trend direction remains down, and a resumption of the bear cycle would signal scope for an extension towards 16.9988, the Sep 20 low. Price has narrowed the gap with initial firm resistance is at 17.8101, the 20-day EMA. A clear break of this average would instead highlight a possible short-term reversal.
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