USD/MXN Technical Analysis: Negative tone prevails despite oversold readings, January lows being tested

• The USD/MXN pair continues to decline and today broke decisively below 19.00. The decline found support at 18.90 and bounced modestly. 
• The outlook continues to favor the decline, particularly while holding under 19.00. The lows of January at 18.87 are exposed and another test over the coming sessions seems likely. A firm break lower would target 18.70. 
• On the upside, any recovery below 19.20 should be seen as corrective. A close on top of 19.30 would invalidate the bearish outlook. 

USD/MXN Daily Chart