During Friday’s trading session USD/MXN traded within the range of 12.8491-12.8994 and closed at 12.8562.
At 10:04 GMT today USD/MXN was gaining 0.05% for the day to trade at 12.8631. The pair touched a daily high at 12.8682 at 8:55 GMT.
Fundamental view
At 13:00 GMT Insituto Nacional de Estadistica Y Geografia is expected to report on nation’s trade balance during April. In March the surplus was 1.072 billion MXN. The trade balance reflects the difference in value between exported and imported goods during the respective period. A positive figure indicates that more goods and services have been exported than imported. Export demand has a direct link to demand for the national currency and also causes an impact on levels of production. In case the surplus on Mexico’s trade balance continued to expand, this would provide support to the peso.
Technical view
According to Binary Tribune’s daily analysis, in case USD/MXN manages to breach the first resistance level at 12.8870, it will probably continue up to test 12.9185. In case the second key resistance is broken, the pair will probably attempt to advance to 12.9377.
If USD/MXN manages to breach the first key support at 12.8372, it will probably continue to slide and test 12.8179. With this second key support broken, the movement to the downside will probably continue to 12.7868.