USD/MXN back above 20.50

The Mexican peso is falling for the second day in a row against the US dollar. USD/MXN reached today at 20.55, the highest level since last Thursday. 

A quiet week so far

Volatility remains low across financial markets. Since the beginning of the week USD/MXM moved between 20.35 and 20.55, with a modest upside bias, but within last week range.

Greenback remains strong against commodity currencies on a wider perspective but today in particular versus the Mexican peso, that is affected by the decline in crude oil prices. Among Latin American currencies the Brazilian areal and the Chilean peso are the best performers rising 0.80% against the US dollar. The WTI barrel is falling 1.50%. 

Technical levels

To the upside, resistance levels could be seen at 20.70 (last week high), 20.87 (Dec 02 high) and 21.00 (psychological). On the opposite direction, support lie at 20.45 (short-term uptrend line), 20.35 (weekly low) and 20.15.