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  • The USD/MXN pair reached 19.19 and pulled back, making a correction from the rally that started on Monday from 18.73. The tone still looks bullish, particularly after the pair found support above the 20-day moving average and also on top of the 19.00 zone.  
  • The current levels present an opportunity for buyers for another test to 19.20, and if the pair breaks higher, the next target is seen at 19.28/30. If the rally continues, the price would be above a key medium-term downtrend line, suggesting more gains ahead, with an immediate target at 19.45.  
  • On the flip side, if the correction moves below 18.98, then the outlook would favor more losses and an extension to 18.90. Below that level, attention would turn to the key support seen at 18.73/74.  

USD/MXN Daily Chart

USD/MXN

USD/MXN 4-hour chart

USD/MXN