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Forex: USD/MXN retraces from highs, around 12.8000

After hitting intraday lows above 12.8000 against the greenback, the Mexican peso is now picking up pace and dragging the pair to the area of 12.7700/20, extending the correction lower after an annual expansion of 3.55% of the IPC, higher than the previous 3.25%.

The Mexican central bank (Banxico) would hold its interest rate decision tomorrow. Market consensus expects the interest rate to remain unchanged at 4.5%.

At the moment, the cross is down 0.04% at 12.7715 facing the next hurdle at 12.8303 (Upper Bollinger) ahead of 12.8484 (MA100d) and then 12.9016 (high Feb.26).
On the other hand, a break below 12.7211 (MA50d) would allow 12.7342 (MA21d) and finally 12.6220 (low Feb.20).

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