USD/INR: Break above 83.30 is essential to affirm next leg of uptrend – SocGen
|USD/INR has rebounded sharply after defending the trend line drawn since February now at 81.20. Economists at Société Générale expect the pair to extend its race higher on a break past 83.30.
A pause is not ruled out
“USD/INR is not far from the peak of October at 83.30 which is expected to be a short-term resistance.”
“A pause is not ruled out; break above 83.30 would be essential to affirm next leg of uptrend.”
“If the pair violates the graphical level near 81.90, a deeper pullback is likely towards the trend line at 81.20 and 80.50/80.00.”
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