USD/MXN trades around 17.40 on Tuesday, posting modest losses for a third consecutive session. The US Dollar (USD) retains a broadly firm tone despite softer-than-expected United States (US) data, as investors await the Federal Reserve’s (Fed) monetary policy announcement on Wednesday. The Mexican Peso (MXN), by contrast, benefits from the latest US tariff announcement. Washington imposed a 10% tariff on Mexican imports not covered by the United States-Mexico-Canada Agreement (USMCA), below the 12.5% rate applied to economies without a trade agreement. Short-term technical analysis:On the 4-hour chart, USD/MXN trades at 17.4349, retaining a modest bearish bias as the pair holds beneath a dense band of nearby resistance.