USD/MXN climbs to 6-day high on crude oil slide and Trump

The Mexican peso is having the worst day in almost a month against the US dollar but still remains far from the record low levels it reached back in September when USD/MXN climbed to 19.92. 

The pair rose today from 18.50 to 18.69 and it was trading near the highs. Initially, a Bloomberg poll showed Donald Trump ahead in Florida, weakened the peso and then the commodity-linked currencies block decline amid a decline in crude oil prices. The barrel recovered momentarily after the EIA inventories report but oil prices are back near daily lows, down more than 1%. 

Despite today’s rally, the USD/MXN remain closer to 18.43, that is the intraday low it reached last week (the lowest since September 8). The pair so far is correction higher after falling more than 6% during the last 29 days. 

Technical levels 

To the upside, resistance levels might be seen at 18.70 (daily high), 18.95/19.00 (psychological / July, August high) and 19.42 (Oct high). On the flip side, support might lie at 18.50 (daily low), 18.45 (Oct low) and 18.25 (Oct 6 & 7 low).