USD/MXN drops below 17.00 as crude oil recovers

FXStreet (Córdoba) - The Mexican peso eared losses and is testing last week highs against the US dollar boosted by a rally in crude oil prices. The barrel jumped to $48 extending the recovery that started a week ago from $37.50. Among Latin-American currencies, the Mexican and the Colombian peso are the best performers.

USD/MXN below 17.00

Last week USD/MXN reached above 17.30 an all-time high but then started to pulled back and dropped during three day in a row, ending the week under 17.00.

Last week bottomed at 16.69 and currently is trading slightly above the mentioned low, at 16.73, at the same level it closed on Friday.

USD/MXN technical level

To the downside support levels might lie at 16.70, 16.58 (August 20 low) and 16.50. To the upside, resistance now could be seen at 16.80, 16.90 (daily high) and 16.98.