• USD/MXN rose on Monday as the dollar strengthened following the U.S.-China tariff reduction deal.
• After weekend talks in Geneva, the U.S. agreed to lower tariffs on Chinese imports from 145% to 30%, while China will reduce duties on U.S. goods from 125% to 10%, effective for 90 days..
• The new deal offer relief to global investors, who have faced heightened volatility since Trump announced sweeping tariffs on key trading partners.
• At (GMT 16:09 ) the dollar firmed 0.96% against the Mexican peso at 19.614 highest level since May 6th high.
• Immediate resistance is located at 19.675(38.2%fib), any close above will push the pair towards 19.905(50%fib).
• Support is seen at 19.386(23.6%fib) and break below could take the pair towards 19.282(Lower BB).
Recommendation: Good to buy around 19.550 with stop loss of 19.400 and target price of 19.900
