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FxWirePro: USD/ MXN regains upward momentum after US jobs data

• USD/ MXN steady around 20.235 on Friday after the release of U.S. jobs data, which increased bets of an interest rate cut by the Federal Reserve later this month.

• U.S. nonfarm payrolls increased by 227,000 jobs last month after rising an upwardly-revised 36,000 in October, data showed.

• The Fed will announce its latest policy decision on December 18, with futures markets currently pricing in almost a 90% likelihood of a 25-basis-point rate cut.

• At GMT 15:24, The dollar was up 0.29% against the dollar Mexico's peso   at 20.235

•  Immediate resistance is located at 20.300 (38.2%fib), any close above will push the pair towards 20466(Nov 29th high).

•  Support is seen at 20.086(50%fib) and break below could take the pair towards 20.031 (61.8%fib).

Recommendation: Good to buy  around 20.220, with stop loss of 20.000 and target price of 20.500

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