FxWirePro: USD/MXN rises as global trade tensions escalate

• USD/MXN rose sharply  on Friday   as investors reacted to mounting global trade tensions following China's retaliatory measures against U.S. reciprocal tariffs..

• China retaliated with a 34% tariff on all U.S. goods starting April 10, escalating the trade war between the world's two largest economies and heightening recession fears.

• Beijing's broad retaliation follows Trump's imposition of a 34% tariff on Chinese goods, raising the total new levies on the world’s No. 2 economy to 54% this year.

• On the data front ,Nonfarm payrolls increased by 228,000 jobs last month after a downwardly revised 117,000 rise in February, the Labor Department's Bureau of Labor Statistics (BLS) .

 • At GMT 17:57, the pair was trading up  1.16 percent  at 20.461

•  Immediate resistance is located at 20.578(38.2%fib), any close above will push the pair towards 20.898(23.6%fib).

• Support is seen at 20.394 (50%fib) and break below could take the pair towards 20.071(61.8%fib).

Recommendation: Good to buy around 20.400, with stop loss of 20.000 and target price of 20.750