• USD/MXN held steady on Tuesday as investors prepared for a slower-than-expected pace of interest rate cuts from the U.S. Federal Reserve.
• The Fed is expected to cut rates by 25 basis points on Wednesday, but market attention is shifting to the 2025 outlook, with expectations of a more gradual pace of rate cuts.
• On the data front, U.S. retail sales rose 0.7% last month, following a revised 0.5% increase in October, according to the Commerce Department's Census Bureau on Tuesday.
• At GMT 14:41, The dollar was up 0.37% against the dollar Mexico's peso at 20.202
• Immediate resistance is located at 20.271 (Dec 13th high), any close above will push the pair towards 20.445(23.6%fib).
• Support is seen at 20.049(38.2%fib) and break below could take the pair towards 19.938 (LowerBB).
Recommendation: Good to buy around 20.170, with stop loss of 20.000 and target price of 20.300
