USD/MXN Analysis Today 14/10: Nervous Lows Again

(MENAFN- Daily Forex) The USD/MXN has returned to near-term lows and has taken on the look of a currency pair that is correlating to USD centric notions once again who have believed the USD/MXN has been overbought because of nervous reactions by financial institutions to the potential dangers of more Mexican government spending may find last week\u0026rsquo;s trading results interesting as they seek more insights ability of the USD/MXN to return to its lower near-term price realms at the end of last week sets the table for the potential of more USD centric opportunities in the coming days of this writing the USD/MXN is near the 19.27100 ratio and is trading near values it saw last Monday. The USD/MXN did touch a high of nearly 19.61470 on Thursday of last week, but the currency pair responded with a solid bearish reversal the trading of the USD/MXN was volatile, what might be more important is the currency pair showed correlation to the broad Forex market\u0026rsquo;s Reversal Lower as U.S Inflation Numbers Calmed TradersThe USD/MXN has been within a noted bullish stance the past handful of months as financial institutions showed concerned regarding the stronger than before Morena political party, recent trading has started to show signs of once again moving via the impetus of USD centric price action, copying correlated trends of other major currency pairs. U.S inflation data on Friday via the Producer Price Index came in slightly weaker than estimated per the broad numbers. The USD/MXN found more momentum downwards as a result price action of the USD/MXN has returned the currency pair to known realms which were seen early last week before a renewed trend upwards. However, this week\u0026rsquo;s price action may produce different results. Risk adverse conditions are certainly still in the global markets, but the weaker PPI result on last Friday may have calmed financial institutions and renewed the potential of a U.S Federal Reserve outlook which may include additional dovishness in November. Top Forex Brokers 1 Get Started 74% of retail CFD accounts lose money Read Review BrokerGeoLists({ type: \u0027MobileTopBrokers\u0027, id: \u0027mobile-top-5\u0027, size: 5, getStartedText: \u0060Get Started\u0060, readReviewText: \u0060Read Review\u0060, Logo: \u0027broker_carrousel_i\u0027, Button: \u0027broker_carrousel_n\u0027, });Near-Term Caution in the USD/MXN and SpeculationShort-term price action in the USD/MXN exchange pair will remain choppy, but day traders should pay attention to resistance levels and look for durability. If resistance near the 19.30000 to 19.32000 can hold back the tide in the near-term, this might be a signal financial institutions believe more downside pressure can be produced in the coming days. \u2981 The U.S will release Retail Sales and Housing numbers later this week, but financial institutions are turning cautious as the U.S election approaches and the Fed rate decision gets closer. \u2981 The ability of the USD/MXN to correlate to the broad Forex market last week is a healthy sign for the currency pair and if USD centric sentiment flirts with a weaker USD, some additional selling may be seen for wagers and last week\u0026rsquo;s lows around the 19.22000 to 19.21975 may become targets again/MXN Short Term Outlook:Current Resistance: 19.27400Current Support: 19.26200High Target: 19.32100Low Target: 19.22200

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