USD/MXN Technical Analysis: Bullish correction losses momentum but MXN not ready to resume upside

• The USD/MXN reached today a fresh weekly high at 19.25 but then pulled back. The retreat found support above 19.10. The greenback continues to rise, correcting after the sharp slide from early December to January 17. The bullish tone eased today, before the 19.30 area.  
• The upside target might be seen at 19.30 (Fibonacci retracement of the recent slide and a horizontal level). A substantial break higher could lead to 19.50, a strong barrier that if reach, should favor a correction, probably back to 19.30.  
• On the flip side, under 19.05 the Mexican peso would gain strength, and under 18.90 a test of December lows could be seen. A daily close under 18.85 is needed to clear the way for a slide to 18.70, the next target.  
• Technical indicators, in a broader perspective still point to the downside but are starting to show exhaustion.  

USD/MXN Daily Chart