The USD/MXN pair attracts some sellers near the 17.4420 area during the Asian session and trades with a mild negative bias for the third successive da
y on Monday. Spot prices, however, manage to hold above a multi-day touched on Friday and currently hover around the 17.4000 level, down just over 0.10% for the day.
Hence, any further decline is more likely to find decent support near the 17.2510-17.2500 horizontal zone. The mentioned area should act as a pivotal point, which if broken decisively will reaffirm the negativeand drag the USD/MXN pair to the next relevant support near the 17.0400 area en route to sub-17.0000 levels . The downward trajectory could get extended further towards the 16.7550 support.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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