He USD/MXN has lost ground after hitting a six-day high of 18.75 in yesterday’s American pre-open. The pair is trading on Thursday in a tight 5 cent range located between 18.55 and 18.60.
The dollar has moderated its strength today, and its DXY index it has dipped from yesterday’s six-week high at 104.11 to 103.53, the European morning low on Thursday. At the time of writing, the greenback is trading at 103.73, losing 0.13% daily, which has an impact on the improvement of the Mexican peso.
Traders cautiously await mid-level data to be released by the United States in the coming hours. Focus will be on weekly jobless claims, producer prices and housing starts for January, along with the Philadelphia Fed manufacturing index for February.
USD/MXN Levels
With the USD/MXN trading above 18.58, completely flat on the day, any break to the upside or downside means breaking important barriers of the last few weeks. To the upside, it would be necessary to break yesterday’s ceiling in 18.75 to be able to advance towards the resistance 7:00 p.m., psychological zone. Higher up wait 19.29maximum of February 6 and of the last five and a half weeks.
To the downside, a clear break of 18.49/18.50 (strong support zone where the minimum for today and the last four and a half years is), could cause a collapse to the zone 17.93/99, where are the 2018 minimums recorded in April of that year. below awaits 17.44floor of July 2017.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
