I am bearish on the USDMXN after a strong bullish run during the holiday season. As we neared 19.20 the 20 USD bulls lost their steam and an announcement from Bank of Mexico to sell 500 Million dollar contracts through out the remainder of the year helped to reverse the trend. I believe the general direction will be towards a 20USD peso or perhaps even 21 or above 22 next year but the refusal of the market to tread above the 19.90 ressistance is in a my opinion a strong signal that there is still some strength to the Mexican peso and a short-term bullish trend has formed in the 1hr chart to support that.
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Currently testing the upper bounds of the bearish channel. If H&S is confirmed, expect a very dramatic drop below 19.60 range