— The USD/MXN is essentially trading within a price realm it occupied on the 16th of September, the day before the
The USD/MXN is near the 18.34850 mark as of this writing. The currency pair saw a predictable surge in volatility begin on late Tuesday of last week which lasted through the Fed’s
The momentary fire in the USD/MXN and downwards motion however did not last. The rebound upwards was also swift via choppy conditions. The 18.30000 vicinity quickly returned back as a psychological level. On Friday of last week the USD/MXN challenged highs of nearly 18.47200. Since then more choppy conditions have followed, but little by little a clear sideways crawl has been produced.
Next Round of Price Velocity in the USD/MXN
The USD/MXN does remain within the lower depths of its one year chart. Support levels however continue to provide durable reactions. Financial institutions clearly want more impetus to drive the USD/MXN lower only if bona fide economic results warrant a change to their sentiment. The Fed’s interest rate cut last week had been priced into the USD/MXN before the FOMC Statement. The hope of another interest rate cut from the
Mid-term outlooks are trading into the daily gyrations of the USD/MXN. But tomorrow the
Day traders need to pay attention to the wide spread being produced in the USD/MXN. It is urged that entry price orders are used to produce an anticipated starting point in order to trade the USD/MXN.
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— Trading up until tomorrow’s
— After the GDP data the USD/MXN could turn volatile but it might not fracture too far away from known realms.
— Looking for additional downside in the USD/MXN may feel tempting, but perhaps quick hitting bets might be best in the meantime.
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USD/MXN Short Term Outlook:
Current Resistance: 18.34950
Current Support: 18.34610
High Target: 18.39250
Low Target: 18.30600
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