USD/MXN Technical Analysis: Bearish correction losses strength, back to the range

• The USD/MXN bottomed yesterday at 19.98 and then pulled back. Today recovered further and reached 20.33. Near the end of the US session stands around 20.30, marginally below the 20-day moving average. 
• The intraday bullish tone eased after being unable to break above 20.35 and also after pulling back under the 20-day moving average. A confirmation significantly above 20.35 would signal that price could continue to move sideways, including a test of 20.50. 
• To the downside, a slide below 20.20 would increase the momentum of the Mexican peso, opening the doors for another test of 20.00. A firm break to 20.00 is needed to clear the way to more losses, with a potential target at 19.60/70. 
• The long-term trend is bullish, but short-term signal shows a lack of strength at the moment. A weekly close above 20.50 could point to more gain while below 20.00, further losses seem more likely. 

USD/MXN Daily Chart