Ella 
During the Asian session on Thursday, USD/MXN rose for the second consecutive day, trading around 17.1340. The Federal Reserve chose to keep its existing benchmark policy rate unchanged at 5.5% at its meeting on Wednesday, as expected.
The Fed is expected to raise interest rates one more time in 2023, adding to the strength of USD/MXN. In addition, the Federal Reserve revealed in its monetary policy statement that it slightly raised its inflation expectations compared with previous expectations.
Near-term support for USD/MXN lies at the psychological level of 17.0000, followed by the weekly low near 16.9985.
A break below this level would help USD/MXN move towards areas near the psychological level of 16.9000.
On the upside, resistance lies at the seven-day exponential moving average at 17.1394, followed by the psychological level of 17.1500.
If USD/MXN holds above this level, bulls will be set to gain momentum and test areas around the 17.1600 level, followed by the 23.6% Fibonacci retracement level at 17.1626.
The MACD indicator is still above the midline, but shows a divergence pattern below the signal line. This formation suggests that the recent strength in USD/MXN may be fading.
However, USD/MXN momentum is neutral as the 14-day RSI sits at the 50 level.
