USD/MXN to see a rebound towards the 20.50 level – SocGen

USD/MXN has pulled back towards the 200-day moving average (DMA) today seen at 20.1780. Nonetheless, economists at Société Générale expect the pair to stage a rebound towards 20.50, then the recent high of 20.90.

Bounce expected

“A large decline is not envisaged; recent trough at 19.85 and 19.60/19.53 are near term supports.”

“The pair looks poised to head higher towards 20.50 and recent peak at 20.90.”