USD/MXN Technical Analysis: Mexican peso testing key support at 18.85

• The pair is falling on the back of a weaker US dollar across the board. It erased yesterday’s gains. 
• It is testing the 18.85 area, a key support: a break lower likely to open the doors for an extension of the bearish correction. 
• Negative short-term momentum to prevail while below the downtrend from last week highs, currently at 19.00. A break higher would signal more gains ahead for the greenback. 

USD/MXN hourly chart

Spot: 18.87
Daily high: 19.01
Daily low: 18.84

Support Levels

S1: 18.85
S2: 18.70
S3: 18.60

Resistance Levels

R1: 19.00
R2: 19.15
R3: 19.24