The pair took support at 81.45 and saw constant buying interest. As observed in the previous blog daily close above 81.75 made the pair attempt the steep trend line with a high as well as close of 82.43. While things look favoring further up move, we may find sellers emerging around 82.55 and then at 82.80 which is closer to the steep trend line resistance. Most likely scenario would be a consolidation between 81.35 and 82.80. There could be choppy moves within this range. A close outside this range requires re-assessment of risk/direction and target.
A few more observations:
Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
A few more observations:
- The currency pair trying to attempt the break-down levels in the reactive move
though the Dollar Index-DXY is likely to hover in the familiar range of 101-105, the correlation between DXY and USDINR is not currently active
The raising upward channel indicate the broader range of 80.10-83.10
The increased volatility and wild swings likely to continue
Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.