Ah..but the question isn't "can" it take the 40's, but "should" it! (I do agree that 58 is probably too warm for a minimum.)
Some plants are far more tolerant of temperature conditions than others, but that doesn't necessarily mean they should be allowed to see the extremes on a regular basis, and a lot depends on how you're growing it.
I have this plant growing in s/h culture, and never let it see below 55°, but I think the added evaporative cooling of the medium adds to the temperature reduction at the roots.
By the way...this is now an oncidium, as the Miltonia fuscata was reclassified.
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