MXN among top performers across the globe over the week. USD/MXN lost 3% and dropped to 20.00 as Banxico rose rates and on US Dollar retreat. The Mexican peso gained almost 3% over the week against the US Dollar, having the best week in 17 months. The improvement in risk appetite, a rate hike, a correction of the US Dollar and some technical factors contributed to benefit the peso. USD/MXN traded on Monday above 20.70 but it was already in a bearish correction that started a week ago following a reversal from near 21.00. It fell every day of the week, and accelerated on Friday, after a rate hike in Mexico and a rally in crude oil prices. Bank of Mexico increased the key rate by 25bp to 7.75%, the highest in a decade. The central bank reacted to the depreciation of the Mexican peso and after data singled that the slowdown in inflation eased. Regarding crude oil, the WTI jumped 3.80% a barrel on Friday after the OPEC agreement, offering an extra support to the peso. Near the end of the week, the pair was testing the 20.00 area, trading at the lowest since June 4, on it was to the sixth daily loss in-a-row. Despite the significant slide, it is still up for the month. USD/MXN Levels to watch To the downside, the immediate support is the 20.00 area. A break lower could clear the way to further losses. Supports are seen at 19.90, 19.70 and 19.45/50. The pair is about to post the first close below the 20-day moving average since mid-April. If it holds above 20.00, some consolidation between 20.00 and 20.30 seems likely. Above 20.30, the next resistance could be seen at 20.45/50. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/GBP Technical Analysis: Euro bulls start to run out of steam at weekly high near 0.8800 FX Street 5 years MXN among top performers across the globe over the week. USD/MXN lost 3% and dropped to 20.00 as Banxico rose rates and on US Dollar retreat. The Mexican peso gained almost 3% over the week against the US Dollar, having the best week in 17 months. The improvement in risk appetite, a rate hike, a correction of the US Dollar and some technical factors contributed to benefit the peso. USD/MXN traded on Monday above 20.70 but it was already in a bearish correction that started a week ago following a reversal from near 21.00. It fell every day of the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.