USD/MXN seesaws around 18.95, mildly offered during early Thursday, after posting another failure to cross the 19.10 resistance confluence the previous day.

It’s worth noting that the risk-off mood propelled Mexican Peso (MXN) pair the previous day but failed to cross the convergence of the 100-DMA and a downward-sloping resistance line from late September 2022, around 19.10 at the latest.

The corrective pullback, however, remains elusive amid the bullish MACD signals. Also likely to challenge the USD/MXN bears is a two-month-old horizontal support area around 18.50-55.

In a case where the quote drops below 18.50, the 18.00 round figure could test the bears before directing them to the multi-month low marked earlier in March around 17.90.

Alternatively, a clear upside break of the 19.10 hurdle isn’t an open invitation to the USD/MXN bulls as a downward-sloping resistance line from mid-July 2022, around 19.48, precedes the 200-DMA level of 19.63 to challenge the upside momentum.

Even if the USD/MXN buyers manage to keep the reins beyond 19.63, the late 2022 peak surrounding 19.90 and the 20.00 psychological magnet could test the pair’s further advances.

Overall, USD/MXN is likely to pare some of the latest gains but the bears are far from taking control.