Mexican peso falls modestly versus US dollar on Wednesday after rallying on Fed’s emergency cut. USD/MXN finds support again at 19.20 and rebounds sharply to 19.60. The USD/MXN pair is rising modestly on Wednesday after turning positive during the American session. The pair dropped to as low as 19.18 and then rebounded considerably, hitting at 19.62 a two day high. As of writing it trades at 19.51, up near ten cents for the day, at the same level it had minutes before the interest rate cut from the Federal Reserve. The decision from the Fed leaves the door wide open for another cut at Banxico. Now analysts consider the Bank of Mexico could be more aggressive at its March meeting. The US dollar is posting mix results and so are emerging market currencies. Overall, global financial markets are having a relatively quiet session compared to recent moves. Technical outlook From a technical perspective, USD/MXN is trading sideways in the very short-term, consolidating in a wide range that reflects the recent spike in market volatility. The upper limit of is seen around 19.55 and the lower bound at 19.20. If the Mexican peso manages to break and hold under 19.20, it would likely drop further to test 19.00. On the upside, a significant close above 19.55 would target 19.70; that protects the YTD high reached last week at 19.89 (also a long-term downtrend line). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next WTI looks to settle with modest gains above $47 FX Street 3 years Mexican peso falls modestly versus US dollar on Wednesday after rallying on Fed’s emergency cut. USD/MXN finds support again at 19.20 and rebounds sharply to 19.60. The USD/MXN pair is rising modestly on Wednesday after turning positive during the American session. The pair dropped to as low as 19.18 and then rebounded considerably, hitting at 19.62 a two day high. As of writing it trades at 19.51, up near ten cents for the day, at the same level it had minutes before the interest rate cut from the Federal Reserve. The decision from the Fed leaves the door wide… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.