USD/MXN Technical Analysis: Correction over?

• Mexican peso losses strength in the market but manages to recover from daily losses against US dollar on Tuesday. 
• The USD/MXN rose 1.45% from yesterday low to today’s top at 18.99, before pulling back to 18.87. The retreat from the top shows that while the downside currently is limited, the correction has lost momentum. The main trend still points to the downside. 
• The pair was reversed below 19.00 and pulled back under 18.90, offering mix signals about the short-term future. The bearish momentum will likely intensify if the pair drops below 18.80 that would clear the way for a test of the critical support seen at 18.70/75. 
• On the upside, a consolidation above 18.95 would point to further strength and a daily close above 19.03 (20-day moving average) would signal that a bottom is in place. 

USD/MXN Daily Chart