USD/MXN Technical Analysis: Rejected from above 19.00, bullish momentum fades

• The pair is falling before the statement of the Federal Reserve, posting the first loss after rising during four days in a row, sliding back under the 21-day moving average. 
• The upside lost strength around the 19.00 area signaling that the area continues to be a relevant technical level and also that price appears conformable. If it rebounds and rises on top, the bias would favor the upside.
• Bullish signals from the chart and technical indicators eased today and a daily close around current level could suggest some consolidation ahead and a possible test of 18.80, particularly if over the next sessions USD/MXN drops below 18.85. 
• On a wider perspective, a break under 18.70 would signal more losses ahead, while on the opposite direction a confirmation above 19.05 targets 19.15 and if the US dollar keeps rising the next level to watch is 19.30. 

USD/MXN Daily Chart 

Spot: 18.88
Daily high: 19.07
Daily low: 18.85

Support Levels

S1: 18.80
S2: 18.70
S3: 18.50

Resistance Levels

R1: 19.07
R2: 19.15
R3: 19.30