Ella 
During the European session on Tuesday, USD/MXN gave up the previous day’s gains and fell around 17.1040. Investors’ caution ahead of the Federal Reserve policy decision provided support for the pair.
Near-term support for USD/MXN is near the weekly low of 17.0308, followed by the psychological level of 17.0000.
If bearish sentiment pressures, the pair is likely to approach the next support level near the psychological level of 16.9000.
USD/MXN may face challenges near the seven-day exponential moving average (EMA) at 17.1625, following the 23.6% Fibonacci retracement level at 17.1904.
A strong break above the latter would open the door for the pair to explore areas around the psychological 17.2000 level.
The MACD remains above its midline, but is showing a divergence pattern below its signal line. This pattern suggests that the recent rally in USD/Peso is fading.
However, the 14-day relative strength index (RSI) shows bearish momentum in the near term as it sits below the 50 level.
