USDMXN is down -2.60%
As stocks move back toward lows and the yields tumble, the USD is also getting hit. The dollar which was mixed at the start of the trading day, is lower vs all the major currencies with the exception of the CAD (the USD is stronger by 0.22%).
Looking at the daily chart below, the pair has been trading above and below the 100 day MA for most of the month. However, it has tradee below the 200 day MA (green line). That MA was broken today (at 19.32646). The high has extended above the 50% midpoint of the move down from the December high at 19.6910 to an intraday high of 19.8251. That was also a new high for the year (high was at 19.7177 level on the first day of the year).
The price has retraced back below the 50%, but is trying to hang above the March 2019 swing high at 19.6202 (the price has traded above and below the level over the last 5 or so hours). Watch that level for bias clues going forward.. Stay above is more bullish. Also watch the January 2 high at 19.7177. Move above it, and buyers will feel even better.