During Friday’s trading session USD/MXN traded within the range of 12.9393-13.0062 and closed at 12.9468.
At 9:51 GMT today USD/MXN was losing 0.01% for the day to trade at 12.9460. The pair touched a daily low at 12.9424 at 9:42 GMT.
Fundamental view
Mexico’s annualized industrial production probably expanded 3.7% in April, according to the median forecast by experts, following another 0.7% increase in March. In monthly terms, nation’s industrial production probably rose 0.3% last month. The index reflects the change in overall inflation-adjusted value of output in sectors such as manufacturing, mining and utilities. In case output expanded more than anticipated, this would have a bullish effect on the peso.
Insituto Nacional de Estadistica Y Geografia is expected to release the official report at 13:00 GMT.
Technical view
According to Binary Tribune’s daily analysis, in case USD/MXN manages to breach the first resistance level at 12.9884, it will probably continue up to test 13.0310. In case the second key resistance is broken, the pair will probably attempt to advance to 13.0558.
If USD/MXN manages to breach the first key support at 12.9223, it will probably continue to slide and test 12.8972. With this second key support broken, the movement to the downside will probably continue to 12.8551.
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