During Friday’s trading session USD/MXN traded within the range of 12.8197-12.9338 and closed at 12.9305.
At 11:10 GMT today USD/MXN was losing 0.14% for the day to trade at 12.9118. The pair touched a daily low at 12.8960 at 9:15 GMT.
Fundamental view
The annualized index of consumer prices (CPI) in Mexico probably slowed down to 3.47% in May, according to the median forecast by experts, from 3.5% in April. The index measures the change in price levels of a basket of goods and services from consumer’s perspective and also reflects purchasing trends. In case the CPI rose more than projected, this would have a bullish effect on Mexican 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 12.9697, it will probably continue up to test 13.0088. In case the second key resistance is broken, the pair will probably attempt to advance to 13.0837.
If USD/MXN manages to breach the first key support at 12.8555, it will probably continue to slide and test 12.7806. With this second key support broken, the movement to the downside will probably continue to 12.7414.
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