USD/MXN consolidates below 19.00, near multi-month lows

• Meixnca peso flat versus the US dollar on the first trading day of 2020. 
• USD/MXN remains near monthly lows, with a bearish bias. 

The USD/MXN rose earlier today to 18.93 but it turned to the downside, falling toward 18.85. The pair continues to move in a consolidation range under 18.95 and holding near the seven-month low it reached on Tuesday at 18.79. 

The main trend is still bearish and so far, no signs of a bullish correction area seen. A slide below 18.80 would expose the 2019 low at 18.74 and below the next support might be located at 18.60. 

A recovery of USD/MXN above 18.95 should point to further strength for the greenback. The next resistance levels are 19.00 and 19.10. 

USD/MXN holds despite USD recovery 

The greenback, measured by the DXY, rose on Thursday, recovering from the lowest level since July. It climbed to 96.80, ending a 6-day negative streak. 

The USD/MXN remains in the consolidation range. Economic data from the US was ignored by market participants as the volume is still below regular levels. On Friday, the key report in the US will be the FOMC minutes from the latest meeting. 

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