FxWirePro: USD/MXN slips to one week low as dollar weakens

• USD/MXN slipped hit one week low  on Wednesday  as investors monitored more U.S.tariff announcements and awaited more clarity on the pick for a Federal Reserve governor.

• In his latest move, U.S. President Donald Trump imposed an extra 25% tariff on India in response to its continued purchase of Russian oil. India, along with fellow BRICS members South Africa and Brazil, now faces some of the highest U.S. tariffs.

Investors are closely watching for Trump’s upcoming nomination to fill a vacancy on the Federal Reserve Board and his shortlist of candidates to succeed Fed Chair Jerome Powell.

•President Trump said Tuesday he will announce a Fed Board nominee by week’s end and has narrowed down candidates to replace Chair Jerome Powell.

• At GMT 16:47,the dollar   was down 0.47 % at 18.647 against Mexican peso.

•  Immediate resistance is located at 18.716(SMA 20), any close above will push the pair towards 18.896(38.2%fib).

• Support is seen at 18.538(23.6%fib) and break below could take the pair towards 18.452(Lower BB).

Recommendation: Good to buy around 18.580 with stop loss of 18.500 and target price of 19.100