USD/MXN Technical Analysis: Consolidation continues under 19.50

• Mexican peso continues to consolidate, after significant rally. 
• USD/MXN on consolidation mode ahead of Banxico meeting. 

The USD/MXN continues to consolidate after the decline from multi-month highs above 20.00 found support at 19.30. Over the last week, price has been hovering between 19.31 and 19.50. 
The 20-day moving average remains biased to the downside but it is flattening. While bearish signals are easing, the upside has show not enough strength to break above 19.50. 
A consolidating on top of 19.50 would likely lead to a test of 19.60. Above more gains are seen with a target at 19.80. 
On the flip side, under 19.30, the bearish trend is likely to resume. Support lies at 19.18 and 19.10, ahead of the dynamic trendline that stands slightly above 19.00 and should limit the downside, favoring a rebound; but if broken, USD/MXN could slide to 18.70. 

USD/MXN daily chart