The USD/INR pair has retreated towards September, October and current January lows at 73.08/72.99 which so far continues to withstand the pressure, as Commerzbank’s Axel Rudolph notes.
“The recent slide of the USD/INR pair has taken it to key support seen at the 73.08/72.99 September and October lows. This continues to hold for the time being. Further down sits strong support at 72.76/41, made up of the January and February 24 highs.”
“Resistance above the 73.63 early December low comes in between the 55-day moving average at 74.08 and the three month resistance line at 74.15.”
“While the cross remains below the 74.43 December high, overall downside pressure should retain the upper hand. Above it sit the early and mid-November highs at 74.99/75.28. Only a currently unexpected rise above this area would push the mid-July and August highs at 75.57/78 back to the fore.”
Credit: FX Street