USD/MXN Technical Analysis: Remains in consolidation range with a bearish bias but...

• The Mexican peso rallied at the beginning of the week following the suspension of US tariffs on Mexican imports. The currency consolidated most of those gains. 
• The USD/MXN bottomed at 19.08 and then build a support at 19.10. 
• A weekly bearish gap between 19.32 and 19.62 remains open. 

Price is holding above an uptrend line while at the same time below a key 20-day moving average. Short-term technical indicators favor the downside but with USD/MXN near the mentioned line and so far being unable to break under 19.10, the positive momentum for the peso is easing. 

A close below 19.05 would point to further losses targeting the next support at 18.90. 

On the upside, 19.25 (flat 20-day moving average) could be seen as the resistance area to break. A consolidation on top would lead to a test of the horizontal resistance at 19.30; if the USD/MXN keeps rising, there is not much resistance until 19.45. 

USD/MXN Daily Chart