#USDMXN @ 18.0666 gains ground despite solid Mexico’s GDP figures.

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• USD/MXN gains ground despite solid Mexico’s GDP figures.

The pair currently trades last at 18.0666.

The previous day high was 18.1129 while the previous day low was 17.9247. The daily 38.2% Fib levels comes at 17.9966, expected to provide support. Similarly, the daily 61.8% fib level is at 18.041, expected to provide support.

USD/MXN aims to continue the gains for the second successive day ahead of the policy decision by the US Federal Reserve (Fed). The spot price hovers above 18.0000 during the Asian session on Wednesday. Despite the positive Gross Domestic Product (GDP) data, the pair continues to strengthen amid geopolitical tension in the Middle East.

Mexico’s economy expanded at 0.9% slightly above the market consensus of 0.8% in the third quarter between July and September, driven by domestic consumption and industrial activity. Moreover, during the previous week, Mexico’s Jobless Rate declined to 2.9% in September from August’s 3.0%. Additionally, Mexico’s Trade Deficit widened in September from $1.377B in August to $1.481B.

The improved risk appetite supports the USD/MXN pair ahead of the Fed interest rate decision. The US Dollar Index (DXY) receives upward support from elevated US Treasury yields, bidding higher near 106.70 at the time of writing. The 10-year US bond yield stands at 4.91% by the press time.

The escalating Middle East conflict could reinforce the prices of Crude oil and Gold, which may provide minor support to the Mexican Peso (MXN).

Investors eagerly await the upcoming policy decision from the US Fed and indications suggest the central bank will likely maintain its current interest rate at 5.5% in the Wednesday meeting. Additionally, in the North American session, traders will closely monitor key indicators such as the US ADP Employment Change and ISM Manufacturing PMI for October.

Technical Levels: Supports and Resistances

USDMXN currently trading at 18.067 at the time of writing. Pair opened at 18.0434 and is trading with a change of 0.13 % .

The pair is trading below its 20 Daily moving average @ 18.1136, above its 50 Daily moving average @ 17.5878 , above its 100 Daily moving average @ 17.3023 and above its 200 Daily moving average @ 17.7264

The previous day high was 18.1129 while the previous day low was 17.9247. The daily 38.2% Fib levels comes at 17.9966, expected to provide support. Similarly, the daily 61.8% fib level is at 18.041, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 17.9412, 17.8388, 17.753
• Pivot resistance is noted at 18.1293, 18.2152, 18.3175

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