During yesterday’s trading session USD/MXN traded within the range of 12.9740-13.0915 and closed at 13.0009.
At 9:15 GMT today USD/MXN was gaining 0.04% for the day to trade at 12.9867. The pair touched a daily high at 13.0018 during the early phase of Asian trade.
Fundamental view
The number of people in the United States, who filed for unemployment assistance for the first time during the week ended on April 5th, probably decreased to 320 000 from 326 000 in the prior week. This is a short-term indicator, reflecting lay-offs in the country. In case the number of initial jobless claims fell more than projected, this would have a bullish effect on the greenback. The Department of Labor is to release the weekly report at 12:30 GMT.
Technical view
According to Binary Tribune’s daily analysis, in case USD/MXN manages to breach the first resistance level at 13.0704, it will probably continue up to test 13.1396. In case the second key resistance is broken, the pair will probably attempt to advance to 13.1878.
If USD/MXN manages to breach the first key support at 12.9527, it will probably continue to slide and test 12.9046. With this second key support broken, the movement to the downside will probably continue to 12.8353.
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