• USD/MXN price tests the nine-day EMA at the 18.81 level, followed by the lower boundary of the channel.
• The 9-day EMA is higher than the 50-day EMA, indicating a bullish signal for the short-term price trend.
• A return to the ascending channel would reinforce the bullish bias, leading the pair to test the upper boundary.

The USD/MXN pair halts its four-day losing streak, trading around 18.70 during the European session on Monday. The daily chart analysis shows that the pair is consolidating below an ascending channel pattern, indicating a potential weakening of the bullish bias.

Additionally, the 14-day Relative Strength Index (RSI) is positioned slightly above the 50 level, suggesting a bullish momentum. Further movement may offer a clear directional trend.

Moreover, the 9-day Exponential Moving Average (EMA) is higher than the 50-day EMA, indicating a bullish signal for the USD/MXN pair. This suggests that the short-term price trend is stronger than the long-term trend, which could imply upward momentum in the asset's price.

On the upside, the nine-day Exponential Moving Average (EMA) at the 18.81 level serves as an immediate barrier, followed by the lower boundary of the ascending channel around the 19.00 level.

A return to the ascending channel would reinforce the bullish bias, potentially leading the USD/MXN pair to explore the region around the upper boundary of the ascending channel at 20.06, the highest level since October 2022, which was reached on August 5.