USD/INR Price Analysis: Sticks to modest intraday gains above 83.00 amid stronger USD

USD/INR catches fresh bids on Monday and draws support from a bullish USD.
Neutral oscillators on the daily chart warrant some caution for bullish traders.
Any meaningful slide might continue to attract fresh buyers and remain limited.

Haresh Menghani FXStreet

The USD/INR pair regains positive traction on the first day of a new week and moves away from a nearly three-week low, around the 82.80-82.75 region touched on Friday. Spot prices stick to intraday gains through the early part of the European session and currently trade above the 83.00 round-figure mark.

The prospects for further policy tightening by the Federal Reserve (Fed) remain supportive of elevated US Treasury bond yields and assist the US Dollar (USD) to hold steady near its highest level in more than six months. Apart from this, persistent worries about a property market crisis in China further benefit the Greenback's relative safe-haven status and act as a tailwind for the USD/INR pair.

From a technical perspective, neutral oscillators on the daily chart warrant some caution before positioning for further intraday appreciating move. Hence, any subsequent strength is likely to confront resistance near the 82.30 zone ahead of the all-time peak, around the 83.40-83.45 region touched on August 15, which if cleared decisively should allow the USD/INR pair to conquer the 84.00 round figure.

On the flip side, the 82.80-82.75 region, or Friday's swing low should protect the immediate downside. This is closely followed by the upward-sloping 100-day Simple Moving Average (SMA), currently pegged near the mid-82.00s, and the 200-day SMA, around the 82.35 region. The latter should act as a key pivotal point for the USD/INR pair and a convincing break below will be seen as a fresh trigger for bears.

Spot prices might then turn vulnerable to accelerate the slide towards the 82.00 mark. The downward trajectory could get extended further and eventually drag the USD/INR pair to the July swing low, around the 81.70-81.65 region.

USD/INR daily chart

Technical levels to watch

USD/INR

Overview
Today last price	83.1125
Today Daily Change	0.0160
Today Daily Change %	0.02
Today daily open	83.0965

Trends
Daily SMA20	82.9933
Daily SMA50	82.762
Daily SMA100	82.5335
Daily SMA200	82.3614

Levels
Previous Daily High	83.2444
Previous Daily Low	82.5125
Previous Weekly High	83.8456
Previous Weekly Low	82.5125
Previous Monthly High	83.5505
Previous Monthly Low	82.224
Daily Fibonacci 38.2%	82.7921
Daily Fibonacci 61.8%	82.9648
Daily Pivot Point S1	82.6579
Daily Pivot Point S2	82.2193
Daily Pivot Point S3	81.926
Daily Pivot Point R1	83.3897
Daily Pivot Point R2	83.683
Daily Pivot Point R3	84.1216

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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