The Mexican Peso (MXN) rallied this week. This strength came right after the US presidential debate, and can be in fact attributed to the sentiment that Donald Trump lost the debate. I don't think I need to go into why this shouldn't surprise you. Who won the debate? The Mexican Peso says it wasn't Trump (9/27 CNN Money)Let me provide a technical perspective on the USD/MXN after this reaction.USD/MXN 4H Chart 9/29(click to enlarge)Double top:- The USD/MXN was bullish ahead of the presidential debate. It has rallied from just under 18.00 in August to about 19.90 this week.- However, as we can see in the 4H chart, USD/MXN made a complete 180 after the debate, failing to push to 20.00 and forming a double top after the debate.Limited bearish outlook to key support area:- Now, I don't believe that the market has been bearish on the Mexican Peso because of the prospect of Trump being president. - Therefore, I think while the Mexican Peso might gain some grounds in the short-term, it might not be a sustainable trend.- If the bearish outlook is only expected in the short-term, we should monitor for support in the 18.80-19.00 area.- Here, price will be challenged by the 200-period simple moving average (SMA).- Moreover, price will be challenging previous support/resistance pivots. - Finally, there will be a rising trendline to support USD/MXN if price falls towards 18.80.Prevailing uptrend:- In the 4H chart, we can see that the USD/MXN price action was bullish (MXN-bearish) heading into the debate.- If we look at the weekly chart, we can see that USD/MXN has been bullish since late 2014 after a couple years of consolidation.- I noted that 18.80 should provide some support. But really, even if 18.80 is broken, we can see that there is a rising trendline to support price around 18.50 as well.- It will take a break below 18.00 to really bring in a bearish outlook. Otherwise, the mode is still bullish in the medium and long-term, but perhaps we will see some consolidation/correction in the short to medium-term.- Still, I would start looking for support in the 18.80-19.00 area with the understanding that USD/MXN might need some elbow room down to 18.00.USD/MXN Weekly Chart(click to enlarge)