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.”