FxWirePro: USD/MXN pauses downtrend and consolidates

• USD/MXN initially dipped but  recovered ground  as investors monitored trade negotiations ahead of the August 1 deadline for U.S. tariffs.

• Despite limited progress on finalized agreements, ongoing discussions between the U.S. and several major trading partners reflect efforts to avoid the steep tariffs threatened by the Trump administration..

• With just over a week until the August 1 deadline, U.S. Treasury Secretary Scott Bessent said on Monday that the administration prioritizes the quality of trade agreements over meeting the timeline.

• Bessent’s remarks come amid growing global concern over the potential economic fallout from U.S. tariffs should negotiations with major trading partners fail to produce results.  .

•At GMT 20:21,the dollar   was down 0.16 % at 18.630  against Mexican peso.

•  Immediate resistance is located at 18.716(SMA 20), any close above will push the pair towards 18.959(50%fib).

• Support is seen at 18.560 (23.6%fib) and break below could take the pair towards 18.495(Lower BB).

Recommendation: Good to buy  around 18.600 with stop loss of 18.250 and target price of 19.000