USD/MXN jumps above 19.00, to 6-day highs

The Mexican peso is falling more than 1% on Thursday against the US dollar. The greenback is posting mix result in the market: while it falls against European it is higher versus commodity and emerging market currencies. 

USD/MXN opened the day around 18.85 and on European hours started to rise, testing level on top of 19.00. In New York it broke clearly above 19.00 and peaked at 19.06, the highest level since last Friday. 

The pair remains near the highs, holding a bullish tone and headed toward the third daily gain in a row. The decline in crude oil prices is also giving support to the pair. The WTI barrel is falling almost 5%, weakening the Mexican peso and also other commodity currencies. 

Technical levels

If the pair rises further, resistance levels might be seen at 19.10 (Apr 28 high), followed by 19.30 (Apr 26 high) and 19.40/45 (Mar 6, 7 & 8 low). On the downside, 19.00 is now the immediate support followed by 18.85 (May 3 high) and 18.75 (May 3 & Apr 20 low).