During yesterday’s trading session USD/MXN traded within the range of 12.8309-12.8723 and closed at 12.8600.
At 11:22 GMT today USD/MXN was adding 0.02% for the day to trade at 12.8632. The pair touched a daily high at 12.8771 at 7:10 GMT.
Fundamental view
At 14:00 GMT the Institute for Supply Management (ISM) is to report on manufacturing activity in the country. According to experts’ estimates, the gauge of manufacturing probably increased to 55.4 last month from 54.9 in April. Values above 50.0 signify increased activity. In case market expectations are exceeded, the US dollar will receive support.
Technical view
According to Binary Tribune’s daily analysis, in case USD/MXN manages to breach the first resistance level at 12.8777, it will probably continue up to test 12.8958. In case the second key resistance is broken, the pair will probably attempt to advance to 12.9193.
If USD/MXN manages to breach the first key support at 12.8363, it will probably continue to slide and test 12.8130. With this second key support broken, the movement to the downside will probably continue to 12.7951.
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