From a technical standpoint, the USD/MXN remains bullish and might extend its gains if the pair achieves a fifth daily close above a four-year-old downslope resistance trendline drawn from all-time highs (ATH) at around $25.77, which was broken on Monday. That could be the last nail in the coffin for the Mexican Peso's strength.

The USD/MXN's next resistance would be the October 6 high of 18.48, which could open the door to challenging the psychological 19.00 figure. Once that level is breached, on March 20, 2023, a high of 19.23 would follow. If all those levels are surpassed, the exotic pair could hit 20.00, and reach a new 18-month high.

On the other hand, sellers need to push the USD/MXN back below the April 19 high of 18.15 if they would like to keep the pair within the 18.00-18.15 trading range