USD/MXN has been in a downtrend since the start of the 2025, when we also called for an important top as Trump took office. So far, we can see a clear five-wave structure with lower highs and lower swing lows, confirming a strong bearish trend. However, after we recently spotted the final wave 5 of an impulse into wave A, we can now see it strongly recovering back above channel resistance line, which indicates for a higher degree ABC corrective recovery within wave B. It can take some time and it can retrace the price at least back to 18.77 resistance area.
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