During yesterday’s trading session USD/MXN traded within the range of 13.1073-13.1531 and closed at 13.1230.
At 11:13 GMT today USD/MXN was losing 0.18% for the day to trade at 13.0977. The pair touched a daily low at 13.0933 at 10:45 GMT, breaching the first support level of 13.1025.
Fundamental view
Home values in 20 large cities throughout the United States probably rose at an annualized rate of 12.94% in February, preliminary estimates showed. In January, home prices climbed at a rate of 13.34%. S&P/Case-Shiller will release the official rate at 14:00 GMT.
In addition, confidence among US consumers probably improved in April. The corresponding index probably rose to a reading of 83.0 from 82.3 in March, which was the strongest since January 2008. The Conference Board research group is to announce the results from its survey, encompassing over 5 000 households in the country, at 14:00 GMT. If the gauge of confidence shows a better than expected performance, this would certainly heighten the appeal of the US dollar.
Technical view
According to Binary Tribune’s daily analysis, in case USD/MXN manages to breach the first resistance level at 13.1482, it will probably continue up to test 13.1736. In case the second key resistance is broken, the pair will probably attempt to advance to 13.1941.
If USD/MXN manages to breach the first key support at 13.1025, it will probably continue to slide and test 13.0821. With this second key support broken, the movement to the downside will probably continue to 13.0567.
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