A big five-wave decline on USD/MXN came to an end, as price started recovering from the 20.82 level in impulsive fashion, and also broke above the trendline connected from April highs. This now suggests a low in place, and a bigger, three-wave correction to be under way. We are tracking an A)-B)-C) move, which can recover towards the 22.7/23.8 region, where Fib. ratios from 38.2 to 61.8, and former swing high can provide resistance, and a turning point.
USD/MXN Daily Chart.