FxWirePro: USD/MXN outlook weaker on renewed downside pressure

• USD/MXN dipped on Thursday  as peso firmed  as trade optimism and strong U.S. jobs data lifted market sentiment.

• Sentiment was further buoyed by strong U.S. nonfarm payrolls data, which showed job growth exceeded expectations in June, reinforcing confidence in the resilience of the U.S. economy.

• U.S. nonfarm payrolls rose by 147,000 in June, according to Labor Department data released Thursday. The report was released a day early due to the July 4 Independence Day holiday...

• The combination of easing trade risks and a stable U.S. labor market encouraged risk-on flows

.• At GMT 16:06, the pair was trading down  0.71percent  at 18.646

•  Immediate resistance is located at 18.905(38.2%fib), any close above will push the pair towards 18.958(SMA 20).

• Support is seen at 18.617 (Lower BB) and break below could take the pair towards 18.426(23.6%fib).

Recommendation: Good to sell around 18.650 with stop loss of 18.900 and target price of 18.300