The US Dollar has been appreciating against the Mexican Peso after the currency pair reversed from the lower boundary of a medium-term ascending channel.
Currently, the rate is trading near the support level formed by the monthly PP at 19.03. If given support level holds, it is expected that the pair will aim for the upper channel line located circa 19.65. Important resistance level to look out for is a combination of the weekly R2 and the Fibonacci 38.20% retracement at 19.21.
If given resistance level holds, the pair might make a reverse and go downside to re-test the lower channel line located circa 18.70.
