The USD/MXN ranks among the most intriguing major currency pairs for traders to wager on because of its rather contradictory results for nearly a year.
As of this writing the USD/MXN currency pair is near the 20.25000 vicinity after having demonstrated a solid day of selling last Friday before going into the weekend. Yesterday’s trading provided what can be term as a consolidated range near important support ratios which were last tested in late July. The last time the USD/MXN traded below the 20.20000 with sustained results was in the month of June.
While short term traders may not want to think about results from June, when the USD/MXN was trading near lows of almost 19.85000 on the 24th of June and even lower earlier in the month it could prove important. These prices are noted because it shows just how strong the Mexican Peso has been compared to many of the other major currencies against the USD. While the USD has powered to new highs against the likes of the EUR, JPY, GBP and others over the long term, the USD/MXN has actually produced a rather strong proving ground for sellers frequently.
