USD/MXN 1H Chart: Greenback returns to 18.05

FX:USDMXN   U.S. Dollar / Mexican Peso
USD/MXN is trading along the lines of a long-term descending wedge . Following a test of its upper boundary mid-March, the pair reversed to the downside and has since reached the southern boundary of this pattern.

Despite trying to initiate a new wave down last week, the Greenback reversed and returned to the 18.05 area late on Friday.

The rate seems to be oversold; thus, a correction north is the most likely scenario during the following two sessions. The most probable upside target is the 100– and 200-hour SMAs, the weekly PP and the upper boundary of a two-month channel down circa 18.15.

Bulls could lack the necessary strength to surpass this resistance cluster at this point and thus allow for the resumption of the bearish sentiment.
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