FxWirePro: USD/MXN downside pressure builds, key support level in focus

• USD/MXN dipped  on Thursday as the U.S. dollar weakened on Federal Reserve's caution over the US economy

• The U.S. signaled limited progress in nuclear talks with Iran, while Israel warned of possible action if negotiations fail. President Trump urged Prime Minister Netanyahu to show restraint to avoid further escalation.

• The U.S. administration announced Wednesday that it is relocating personnel from the Middle East amid rising security concerns in the region.

• Adding to market uncertainty, Trump said the U.S. would issue letters within one to two weeks detailing trade deal terms to dozens of countries, giving them the option to accept or decline..

•  Immediate resistance is located at 19.973(Daily high), any close above will push the pair towards 19.210(38.2%fib).

• Support is seen at 18.909(23.6%fib) and break below could take the pair towards 18.654(Aug 24th low).

Recommendation: Good to sell around 18.950 with stop loss of 19.200 and target price of 18.700