USD/INR: Break below November low of 80.50/79.80 to denote a deeper downtrend – Socgen

USD/INR is approaching crucial support zone of 80.50/79.80. A break below here would open up further losses, economists at Société Générale report.

November low of 80.50/79.80 is important support

“A retest of November low near 80.50/79.80 is not ruled out. This is also the 200DMA and is likely to be an important support zone. Only a break below would denote a deeper downtrend.”

“Achievement of above mentioned objective is likely to result in a bounce. The trend line at 82.10 and 82.95 are near term hurdles.”