USD/MXN will see a fresh decline in due course back to the 16.6930 recent low – Credit Suisse

Economists at Credit Suisse analyze USD/MXN technical outlook.

Scope for a consolidation phase to emerge
The latest move to a new low for USD/MXN has not been confirmed by daily or weekly RSI momentum, and we see scope for a consolidation phase to emerge for a test of resistance at the 55-DMA and July high at 17.2894 and 17.3956 respectively.

With a major top still seen in place though our bias would be for a cap here and for a fresh decline in due course back to the 16.6930 recent low and eventually what we look to be better support at the 15.5813 high of March 2009.