If your following the USDMXN note this pair is using the Mothly Pivots, Fibonacci Analysis and a Daily Trend Line as support and resistance.
This is my second post on this pair and new analysis revealed the relevance of the monthly pivots for this pair, specifically monthly S1 currently adding support.
I have highlighted the monthly pivots in green to illustrate the support and resistance. The USDMXN is strongly bullish in the monthly view and this bearish retracement creates opportunity for the bulls waiting to continue the prevailing bullish trend. In the attached chart you can see the 50% fib retracement and the 61.8% retracement acted as support on the move down and I would anticipate these levels will act as resistance on the way up. I imagine this will take a number of days to turn around and for the bullish trend to resume. However, considering the daily trend line and the 78.6 fibonacci support now in play along with Monthly S1 holding as support, it is very possible that we are in a reversal zone. So, we now need higher highs and higher lows, looking to enter at pullbacks.