USD/MXN Forecast: Mexican Peso Reaches Levels Not Seen Since 2024

USD/MXN remains under pressure as the Mexican peso strengthens, with the pair falling about 0.5% in today’s session and extending a bearish trend that has pushed it to levels not seen since 2024. The move is being driven by broad U.S. dollar weakness ahead of Federal Reserve meeting minutes, declining Treasury yields near 4.65%, and softer expectations for additional Fed rate hikes. Easing North American trade tensions after the U.S. delayed proposed 50% tariffs on Canadian goods is also helping support the peso by lowering regional trade-risk concerns. Technically, USD/MXN is trading below key resistance with bearish momentum intact, while RSI and MACD still favor downside. The 16.83 area is highlighted as major support, and a break lower could reinforce the downtrend, whereas a move above 17.35 would challenge the bearish structure.