Guardado hobbled off with 18 minutes to play in Sunday's 1-1 Eredivise draw against Groningen after a challenge with Tom Hiariej.
PSV confirmed on Monday that Guardado's ankle had reacted well overnight and he will now be watched closely by the club's medical staff.
The 28-year-old will receive treatment on a daily basis with the club hoping he will be fit for Sunday's clash with Eredivisie rivals Feyenoord, but Thursday's UEFA Europa League clash with Estoril may come too soon.
Guardado has made 10 appearances for PSV this season since arriving on a season-long loan from Valencia.
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