I have been watching the USD/MXN for days now and it feels like it's setting up something.
For the first time in a long time has price broken the 4h 20SMA. Price hasn't started a new bearish trend yet and even broken the 20 SMA slightly to the upside.
However, right now, the USDMXN is putting in a lower high and, if confirmed, could validate the market top and the transition. The 19.5 is the last low and a break of the level would be meaningful for shorts. Another spike into the highs below 20 would create a massive squeeze here.
The USDMXN can be a beast and being patient is the key here. The plan is clear, now it's just a waiting game.