• USD/ MXN initially gained but gave up some ground on Wednesday as investors digested US ADP and ISM Services PMI data.
• The ISM Services PMI fell sharply, more than anticipated, indicating the slowest growth in the U.S. services sector in three months.
•ADP data released on Wednesday showed that the U.S. private sector added 146,000 jobs in November, a solid figure, though slightly below the expected 150,000
.• Market participants are closely watching Fed Chair Jerome Powell’s upcoming remarks for insights into the central bank’s next move, while also preparing for Friday’s crucial jobs report. Both events are expected to provide key indicators on the future direction of U.S. monetary policy and the broader economic landscape.
• At GMT 15:42, The dollar was down 0.17% against the dollar Mexico's peso at 20.282
• Immediate resistance is located at 20.487 (38.2%fib), any close above will push the pair towards 20.601(23.6%fib).
• Support is seen at 20.259(50%fib) and break below could take the pair towards 20.031 (61.8%fib).
Recommendation: Good to buy around 20.250, with stop loss of 20.000 and target price of 20.600
