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Forex: USD/MXN retreats from highs

FXstreet.com (Barcelona) - The Mexican peso is now recovering some ground against the buck on Friday, after the renewed strength in the USD pushed the cross from lows around 11.93 on Thursday to today’s tops in the vicinity of 12.1500.

Poor industrial production results in the Aztec economy during March, contracting 0.3% on a monthly basis and 4.9% over the last twelve months have also collaborated in the downbeat tone surrounding MXN.


As of writing, the pair is up 0.80% at 12.09 with the immediate hurdle at 12.1574 (MA21d) followed by 12.2495 (high May 1).
On the downside, support levels align at 11.9358 (low May 9) and then 11.5240 (low Jul.29 2011).

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