USD/MXN traded within the range of 12.9393 to 13.0062 before consolidating at 12.9468 on May 9.
On May 12, at 9:51 GMT, USD/MXN fell down by 0.01% to trade at 12.9460. The pair hit a bottom of a daily low at 12.9424 at 9:42 GMT.
On May 12, at 9:51 GMT, USD/MXN fell down by 0.01% to trade at 12.9460. The pair hit a bottom of a daily low at 12.9424 at 9:42 GMT.
Fundamental view
As per the median forecast by experts, Mexico’s annualized industrial production advanced by 3.7% in April. This was followed by a 0.7% increase in March. The industrial production also advanced by 0.3% last month compared to the previous month. The index indicates the change in the overall inflation-adjusted value of output in sectors like manufacturing, mining and utilities. If the output advanced to a better than expected level, the positive impact will bring a bullish effect on the Mexican peso.
Technical view
If USD/MXN succeeds to breach 12.9884, the first resistance level, it will possibly move up to test 13.0310. If the second key resistance is broken, the pair will possibly strive to move up to 13.0558.
In another case, if USD/MXN heads towards 12.9223 to breach the first key support, it will possibly slide down and test the level of 12.8972. The movement towards the downside will possibly pursue to 12.8551 if the second key support is broken.
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