Yesterday’s trade saw USD/MXN within the range of 13.1639-13.2614. The pair closed at 13.1769, losing 0.58% on a daily basis.
At 11:15 GMT today USD/MXN was up 0.15% for the day to trade at 13.1982. The pair touched a daily high at 13.2083 at 10:20 GMT.
The United States probably recorded a government budget deficit of 96.0 billion USD in July, according to market expectations, after a surplus of 70.519 billion USD during the previous month. The largest budget deficit on record was registered in February 2012, or 231.677 billion USD. A wider than projected deficit would have a bearish effect on the greenback. The Financial Management Service, US Treasury is to publish the official figure at 18:00 GMT.
According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 13.2007. In case USD/MXN manages to breach the first resistance level at 13.2377, it will probably continue up to test 13.2982. In case the second key resistance is broken, the pair will probably attempt to advance to 13.3351.
If USD/MXN manages to breach the first key support at 13.1401, it will probably continue to slide and test 13.1032. With this second key support broken, the movement to the downside will probably continue to 13.0426.
The mid-Pivot levels for today are as follows: M1 – 13.0729, M2 – 13.1217, M3 – 13.1704, M4 – 13.2192, M5 – 13.2679, M6 – 13.3167.
In weekly terms, the central pivot point is at 13.2527. The three key resistance levels are as follows: R1 – 13.3324, R2 – 13.4155, R3 – 13.4952. The three key support levels are: S1 – 13.1696, S2 – 13.0899, S3 – 13.0068.