USD/MXN Downtrend Probing Support AgainU.S. Dollar / Mexican PesoFOREXCOM:USDMXNFOREXcomTechnical outlook: Trend: The pair remains locked in a downward channel since late April, with price respecting both the upper and lower boundaries. This confirms a well-defined bearish structure. Resistance: The upper channel line and the 50-day SMA (18.75) converge as a strong cap. Above that, the 19.07–19.49 zone is the next resistance cluster. Support: Immediate support lies near 18.58, followed by the lower channel boundary toward the 18.20–18.00 area if pressure persists. Momentum: RSI sits just below neutral (47), not showing strong conviction yet. MACD remains in negative territory, keeping bearish momentum intact. Moving averages: Price is still well below the 200-day SMA (19.74), reinforcing the dominant downside bias. What this means: USD/MXN remains under selling pressure, with rallies repeatedly capped by the channel top. Unless price breaks above the 18.75/19.00 area, the path of least resistance points lower toward 18.20. A confirmed breakout above the descending channel, however, would suggest the start of a corrective rebound. This remains a bearish channel play, but traders should watch the interaction with the channel top closely, as a breakout could shift short-term momentum. -MW