FxWirePro: USD/MXN strengthens as robust U.S. data lifts dollar

• USD/MXN advanced on Wednesday  as dollar strengthened following the release of stronger-than-expected U.S. ADP employment figures and Q2 advance GDP data..

• U.S. private payrolls rose by 104,000 in July, exceeding expectations, according to the ADP National Employment Report.

• The U.S. economy grew 3.0% in the second quarter, outpacing the 2.4% estimate and signaling stronger-than-expected economic momentum.

•Looking ahead, investors are closely watching the Federal Reserve’s policy meeting later today for signals on the future rate path, amid ongoing calls from President Donald Trump for lower interest rates.

• Economists anticipate the Federal Reserve will keep its benchmark interest rate unchanged at 4.25%–4.50% following the conclusion of its two-day policy meeting on Wednesday.

•  Immediate resistance is located at 18.919(Higher BB), any close above will push the pair towards 19.020(38.2%fib).

• Support is seen at 18.685 (SMA 20) and break below could take the pair towards 18.502 (23.6%fib).

Recommendation: Good to buy  around 18.750 with stop loss of 18.400 and target price of 19.100