FxWirePro: USD/MXN pushes higher on conflict worries, economic concerns

• USD/MXN strengthened on Thursday as growing concerns over Mexico’s economic outlook and the escalating conflict between Iran and Israel weighed on peso.

• Israel struck nuclear facilities in Iran, while Iranian missiles targeted an Israeli hospital overnight, escalating tensions across the region.

• Meanwhile, U.S. President Donald Trump added to global uncertainty by refusing to clarify whether the United States would join its ally in further military action.

•On the data front ,Mexico’s preliminary estimate from the national statistics agency showed the country's economy likely contracted 0.3% in May from the same month a year earlier..

• The data added to growing concerns over Mexico’s economic trajectory, reinforcing uncertainty around the country’s growth outlook.

•  Immediate resistance is located at 19.130 (38.2%fib), any close above will push the pair towards 19.377(50%fib).

• Support is seen at 18.828(23.6%fib) and break below could take the pair towards 18.737(Lower BB).

Recommendation: Good to buy around 19.000 with stop loss of 18.800 and target price of 19.500