USD INR : Ranging at higher levels…

15 apr 2020

Amidst this negative background the USDINR is bound to see a periodic thrust to the upside. The strong upward charge seen in March may have hit resistance zone around 78 but then the potential to move towards that levels still exist. The resistance zone is a confluence of a Fibonacci extension as well as modified Upper channel of the Pitchfork that shall aim to curtail the weakening. There has been some cool down in prices as can be seen but the situation does not warrant us to consider a strengthening. The situation overall continues to be bleak and we could see 74 become the new base for the USDINR in the coming months. At those levels you now have a very good support from the median line as well as the former highs that can play a part is restricting any small signs of strengthening.