Forex Market: USD/MXN daily forecast

During yesterday’s trading session USD/MXN traded within the range of 12.9601-13.0465 and closed at 12.9657.

At 11:15 GMT today USD/MXN was losing 0.06% for the day to trade at 12.9584. The pair touched a daily low at 12.9411 at 9:25 GMT.

Fundamental view

The initial jobless claims in the US probably fell to 325 000 in the week ended May 3rd, from 344 000 a week ago, according to the median estimate by experts. The indicator measures the number of applications for unemployment benefits that are recorded each week in a report prepared by the Bureau of Labor Statistics in the United States. Initial application or (Initial Claim) means a completed document from an unemployed person before the local government, which is considered a claim for compensation or the possibility of compensation. The completion of the initial claim marks the beginning of a period in which the applicant receives unemployment benefits. The survey covers the number of applications registered in the previous week and is an important indicator concerning the health of the US labor market.

The data is due to be released at 12:30 GMT. In case initial jobless claims drop more than expected, this will heighten the appeal of the greenback.

Technical view

According to Binary Tribune’s daily analysis, in case USD/MXN manages to breach the first resistance level at 13.0215, it will probably continue up to test 13.0772. In case the second key resistance is broken, the pair will probably attempt to advance to 13.1078.

If USD/MXN manages to breach the first key support at 12.9348, it will probably continue to slide and test 12.9044. With this second key support broken, the movement to the downside will probably continue to 12.8486.