USD/MXN Analysis Today 10/02: Holds Elevated Range (Chart)

(MENAFN- Daily Forex) The USD/MXN is near the 20.59690 ratio in early trading this morning as the currency pair has shown the ability to trade in a more tranquil manner, but remains in elevated territory trading which has been demonstrated in the USD/MXN since the first week of November may be starting to show signs of becoming calmer. The currency pair as of this writing is near the 20.59690 ratio with fast results being seen and a wide spread. However, the volatility which has been abundant in prior weeks actually started to erode the past handful of days, the USD/MXN has seen fast conditions, but its ability to fluctuate between 20.45000 and 20.60000 a lot of the time since this past Tuesday is likely a welcome sign from financial institutions which want more tranquility. The talk of tariffs being sanctioned against Mexico remain a shadow but for the moment, both Mexico and the U.S appear to be negotiating a path forward regarding illegal immigration and other concerns the Trump administration has regarding trade agreements. 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: SidebarBrokerListAmount, getStartedText: \u0060Get Started\u0060, readReviewText: \u0060Read Review\u0060, Logo: \u0027broker_carrousel_i\u0027, Button: \u0027broker_carrousel_n\u0027, });Economic Data and Behavioral Sentiment in the USD/MXNBehavioral sentiment remains the important factor in the USD/MXN. While the U.S will be publishing important Consumer Price Index data this coming Wednesday, it is the rhetoric and actions that Donald Trump undertakes which financial institutions are mostly watching. The USD/MXN remains in elevated territory which shows nervousness remains ready to become volatile again if provoked USD/MXN is near the upper edge of its one week trading. The currency pair has not sold off with a sustained pattern and this is unlikely to happen until financial institutions feel better about their outlook regarding relationships between Mexico and the U.S, notions that the U.S Federal Reserve may remain cautious over the mid-term are not helping either Range Opportunities in the USD/MXNThe USD/MXN did touch the 20.41000 vicinity on Thursday and Friday of last week. However, the stronger U.S Average Hourly Earnings report likely had a hand in creating some buying in the USD. The USD/MXN has been certainly testing resistance too around the 20.61000 level. If the USD/MXN penetrates this mark today with sustained trading it may show nervous buying could aim for slightly higher prices for resistance around the 20.61000 to 20.62000 levels may be logical in the short-term, but solid risk management is needed if a speculators is looking for lower ground who have bearish notions should not get overly ambitious and they should look for targets that can be cashed out using take profit orders USD/MXN appears ready to remain in a rather steady choppy range near-term, but as always volatility could spark at any moment due to the potential of loud rhetoric suddenly emerging from the White House. EURUSD Chart by TradingView USD/MXN Short Term Outlook:Current Resistance: 20.61300Current Support: 20.59500High Target: 20.66500Low Target: 20.53100

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