FxWirePro: USD/MXN gains some upside momentum but still bearish

• USD/MXN strengthened on Wednesday as the dollar found fresh impetus overnight after robust U.S. consumer confidence data.   .

• U.S. consumer confidence rose in May after five months of decline amid a trade truce with China, but concerns about tariffs and economic risks persist.

• The minutes from the U.S. Federal Reserve's May 6–7 policy meeting are scheduled for release today at 2:00 p.m. EDT  . These minutes are expected to provide insight into the Fed's decision to maintain the federal funds rate at 4.25%–4.50%, despite escalating concerns over global trade tensions and economic uncertainty.

• Meanwhile, June 1, 2025, Mexico will hold its first-ever judicial elections on Sunday, allowing citizens to vote directly for federal judges, magistrates, and all nine justices of the Supreme Court.

• This landmark shift marks a departure from the traditional appointment system and is part of a broader judicial reform aimed at increasing transparency and public accountability within the legal system.

•  Immediate resistance is located at 19454(May 22nd high), any close above will push the pair towards 19.576(38.2%fib).

• Support is seen at 19.188 (23.6%fib) and break below could take the pair towards 19.025(Lower BB).

Recommendation: Good to sell around 19.500 with stop loss of 19.900 and target price of 19.200