Forex: USD/MXN retreats from highs, around 12.6900 (Barcelona) - The Mexican peso is intensifying its downside against the greenback, after the trade balance figures have surprised market participants reverting the late deficits. In fact, the trade surplus during December was $962 million, against a forecasted deficit of $1.15 billion and November’s $1.273 billion.

After hitting session highs around 12.7100, the cross is now advancing 0.44% at 12.6923 with the next resistance at 12.7160 (high Jan.21) followed by 13.0600 (high Dec.24) and then 13.1050 (high Oct.29).
On the downside, support levels lie at 12.5550 (low Jan.17) followed by 12.5500 (March 2012 low) and finally 12.4850 (Lower Bollinger).