USD/MXN Expansion of the downward movement in the vicinity of the 2017 Low

FXStreet – The Mexican Peso is strengthening against the US Dollar for the sixth day in a row. The USD/MXN fell from 18.70 to 18,58, and it was the lowest level since the 24. April reached so that the 2017 moves Depth of 18.45 getting closer and closer.

The weakness of the USD and the crude oil prices were the Basis for the downward movement of the USD/MXN. The Barrel of WTI fell today, only marginally, so that it is consolidated on 48,50 in the vicinity of the 2-week high.

Today’s US data, housing starts, building permits and industrial production had no impact on the Pair. On thursd the monetary policy decision of the Bank of Mexico will be an important Event. Most analysts expect the Banxico no Changes, but some also warn for an interest rate increase of 25 basis points to 6.75%.

Technical Levels

Supports lie at 18,58 (daily low), 18,48 (Deep 11. April) and 18,45 (2017). On the other hand, Resistances can be found at 18,70, 18,80 (week high) 18.90 (12. May).

** FXStreet News Editorial, FXStreet**

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