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USD/MXN soars above 17.00, headed toward record close

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The Mexican peso and the Brazilian real are among the worst performer in the currency market on Thursday. USD/MXN yesterday climbed above 17.00 and today moved most of the day between 17.02 and 17.10. Recently broke decisively to the upside and reached at 17.19 the highest level since September 24.

    The US dollar still trades below intraday record level but it could post a historic close if it ends around current levels. USD/MXN is trading at 17.18, up 0.70% for the day. Since the beginning of the week it has risen more than 3%.

    A stronger US dollar in the market and the decline in crude oil prices weakened the Mexican peso. Also the break of important technical and psychological levels give another boost to the USD/MXN above 17.00.

    USD/MXN technical levels

    To the upside, immediate resistance might be seen at 17.20 (psychological level), 17.30 and 17.38 (record high). On the opposite direction, support might now lie at 17.10 (Dec 09 high) and 17.02 (daily low).
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