FxWirePro: USD/MXN stuck in range but maintains bullish bias

• USD/MXN retreated modestly on Wednesday  as investors assessed fresh U.S. economic data and its implications for Federal Reserve policy.

• U.S. job openings fell by 176,000 to 7.181 million in July, the Labor Department reported Wednesday in its JOLTS survey.

• A softer U.S. JOLTS report set the tone ahead of Thursday’s private payrolls and Friday’s nonfarm payrolls, key to gauging the Fed’s next policy move.

• Friday’s employment report is expected to show nonfarm payrolls rising by 75,000 in August, following a 73,000 gain in July. Job growth has averaged 35,000 per month over the past three months, well below the 123,000 monthly average seen during the same period in 2024.  

• At GMT 18:20,the dollar   was up 0.01 % at 18.719 against Mexican peso.

•  Immediate resistance is located at 18.889 (Higher BB), any close above will push the pair towards 18.961(38.2%fib).

• Support is seen at 18.568(23.6%fib) and break below could take the pair towards 18.468(Lower BB).

Recommendation: Good to buy around 18.700 with stop loss of 18.400 and target price of 19.000