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Forex Market: USD/MXN daily forecast

During yesterday’s trading session USD/MXN traded within the range of 13.0383-13.0915 and closed at 13.0405.

At 10:57 GMT today USD/MXN was gaining 0.08% for the day to trade at 13.0540. The pair touched a daily high at 13.0656 at 8:40 GMT.

Fundamental view

Employers in all sectors of economy in the United States, excluding the farming industry, probably added 210 000 new jobs in April, according to the median forecast by experts, after a job gain of 192 000 in the preceding month. Creation of jobs is considered of utmost importance for consumer spending, while the latter is a major driving force behind economic growth. In case of a larger than expected gain in jobs, the US currency would receive a boost.

In addition, the rate of unemployment in the United States probably decreased to 6.6% last month from 6.7% in March. In case the rate meets expectations or even drops further, this would have a bullish effect on the greenback.

Both reports are due to be released at 12:30 GMT.

Technical view

Screenshot from 2014-05-02 14:02:38

According to Binary Tribune’s daily analysis, in case USD/MXN manages to breach the first resistance level at 13.0753, it will probably continue up to test 13.1100. In case the second key resistance is broken, the pair will probably attempt to advance to 13.1284.

If USD/MXN manages to breach the first key support at 13.0223, it will probably continue to slide and test 13.0036. With this second key support broken, the movement to the downside will probably continue to 12.9688.

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