USD/MXN set to enjoy considerable gains towards September 2020 levels of 22.70 – SocGen

The Mexican peso is among the top EM currencies this week with USD/MXN trading below 21.00. However, economists at Société Générale expect the pair to edge higher towards 22.70 as the 20.55 mark should cushion the pullback.

Pullback likely to remain contained

“USD/MXN is expected to inch higher towards September 2020 levels of 22.70.” 

“Daily Ichimoku cloud at 20.55 should cushion pullback.”