The USD/MXN is near important support levels as the U.S central bank awaits, but considerations regarding the price of WTI Crude Oil may be the critical factor.
The USD/MXN is near the 20.42000 mark, as of this writing as the Forex pair straddles short term support levels within a rather tight range. Volatility does exists within the USD/MXN and traders should not be lulled to sleep by the consolidation, yesterday the currency pair did hit a high of nearly 20.55000, and the day before saw a value of nearly 20.59600.
On the 14th of July the USD/MXN did climb to an apex of 21.05500, intriguing the price of WTI Crude Oil on that date was trading near the 88.50 per barrel – a low not seen since the third week of February 2021. While the U.S Federal Reserve will impact Forex and the USD/MXN with its interest rate hike and outlook this evening, speculators who like technical comparison may want to compare charts of the USD/MXN to WTI Crude Oil.