USD/INR to see another leg higher on a break above 82.95/83.30 – SocGen

USD/INR is not far off the 83.00 psychological barrier. A break past 82.95/83.3o would clear the path for more gains, economists at Société Générale report.

82.30 is short-term support

“USD/INR faced stiff resistance at 83.30 last October and since then it has evolved within a sideways consolidation resembling a symmetrical triangle. It is now close to the upper limit of this range at 82.95/83.30. This remains a crucial resistance, only a break above would mean next leg of uptrend.”

“Recent bullish gap at 82.30 is a short-term support. In case this gets violated, there could be a risk of a pullback towards the lower band at 81.00/80.90.”