USD/MXN Price Analysis: Extends its downside near 17.50 amid the oversold condition

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• USD/MXN remains under selling pressure on the weaker of the USD.
• The pair holds below the 50- and 100-day EMAs on the four-hour amid the oversold RSI condition.
• The immediate resistance level is seen at 17.75; 17.46 acts as an initial support level.

The USD/MXN pair extends its downside around 17.51 during the Asian session on Friday. The downtick of the pair is supported by a fall in US Treasury bond yields and a weaker US Dollar (USD). The Federal Open Market Committee (FOMC) held the interest rate steady at its November meeting on Wednesday, as widely expected. Markets are confident that the Fed is nearing the end of the hiking cycle. This, in turn, exerts some selling pressure and acts as a headwind for the pair.