FxWirePro: USD/MXN retreats slightly but trend is still bullish

• USD/MXN dipped slightly on Wednesday as investors awaited a global central bank meeting and looked for further progress toward ending the war in Ukraine.

• Investors will watch Fed Chair Jerome Powell's Jackson Hole speech for hints on the central bank’s monetary policy stance.

•Wednesday’s release of the Fed’s July meeting minutes is unlikely to move markets significantly, as they predate weak U.S. labor data that strengthened expectations for a rate cut

• President Trump offered unspecified security guarantees to Kyiv at Monday’s U.S.-Ukraine-Europe summit and said Tuesday that air support might be part of a deal.

• At GMT 16:50,the dollar   was down 0.23% at 18.768 against Mexican peso.

•  Immediate resistance is located at 18.830(38.2%fib), any close above will push the pair towards 19.007(38.2%fib).

• Support is seen at 18.502(23.6%fib) and break below could take the pair towards 18.432(Lower BB).

Recommendation: Good to buy around 18.700 with stop loss of 18.400 and target price of 19.100