Technical analysis: Mexican Peso rallies as USD/MXN tumbles below 17.00

The USD/MXN resumed to the downside after achieving a daily close below the 17.00 figure on Monday, sponsoring a leg down toward the seven-week low of 16.89. Further downside is seen at the current yearly low of 16.78, followed by last year’s 16.62.

On the other hand, if buyers reclaim the 17.00 figure, that could open the door to testing the 50-day Simple Moving Average (SMA) at 17.06, followed by the 200-day SMA at 17.24