The USD/MXN uptrend remains in place, though the ongoing pullback from around 18.37 to below the 18.00 figure could pave the way to challenge the 50-day Simple Moving Average (SMA) at 17.37 before testing the 200-day SMA at 17.23. Once those two levels are cleared, the next stop would be the 100-day SMA at 17.06.

Although momentum shows sellers are in charge, the Relative Strength Index (RSI) remains above the 50-neutral line. That said, traders should be cautious about whether the USD/MXN could reverse its ongoing downtrend.

For a bullish continuation, the USD/MXN must clear 18.50 if buyers want to retest the year-to-date high of 18.99. A breach of the latter will expose the March 20, 2023, high of 19.23. If that price is cleared, this will sponsor an uptick to 19.50.