• USD/ MXN dipped on Thursday as the U.S. dollar weakened driven by rising expectations of an upcoming Federal Reserve rate cut.
• The Fed is expected to reduce rates later this month, despite Chair Jerome Powell's comments on Wednesday suggesting the economy is stronger than the central bank had anticipated in September..
•Powell also signaled his support for a more gradual pace of interest rate cuts moving forward.
• At GMT 14:22, The dollar was down 0.37% against the dollar Mexico's peso at 20.215
• Immediate resistance is located at 20.431(38.2%fib), any close above will push the pair towards 20.599(Dec 2nd high).
• Support is seen at 20.192(50%fib) and break below could take the pair towards 20.082 (Lower BB).
Recommendation: Good to sell around 20.250, with stop loss of 20.350 and target price of 20.000
