USD/INR: Short-term pullback on a break under 82.30 – SocGen

USD/INR remains below the 83 mark. Economists at Société Générale highlight the key technical levels to watch.

Overcoming resistance zone at 82.95/83.30 essential to affirm an extended uptrend

“USD/INR has evolved within a large sideways consolidation resembling an ascending triangle after facing resistance near 83.30 last October; a clear direction has been lacking.” 

“Overcoming the resistance zone at 82.95/83.30 would be essential for affirming an extended uptrend.”

“Recent bullish gap at 82.30 is first layer of support. In case this gets violated, a short-term pullback is likely.”

“Below 82.30, next potential support is located at 81.40, the 76.4% retracement of recent bounce.”