FxWirePro: USD/MXN edges higher but outlook still bearish

• USD/MXN edged higher on Wednesday as persistent economic and geopolitical uncertainty weighed on investor sentiment.

•Republicans remain split over key provisions in the tax legislation. President Donald Trump’s meeting with House Republicans on Tuesday failed to sway party holdouts to support the broad tax reform plan.

• Investors remained cautious as U.S. officials were seen possibly pushing for a weaker dollar during independent trade discussions on the sidelines of the ongoing G7 finance ministers' meeting in Canada.

• On the data front, Mexican retail sales climbed 4.3% in March year-on-year, surpassing forecasts of a 2.2% rise, but the stronger-than-expected data failed to lift overall market sentiment.

•  Immediate resistance is located at 19382(Daily high), any close above will push the pair towards 19.7543(38.2%fib).

• Support is seen at 19.233 (23.6%fib) and break below could take the pair towards 19.163230 (Lower BB).

Recommendation: Good to sell around 19.400 with stop loss of 19.700 and target price of 19.100