CURRENCY MARKET OVERVIEW :
USD/INR Technical view:
The pair made an all time high of 83.49 and gave small profit booking till 82.90. In long term, the pair is expected to trend towards new psychological level of 84.00. Fresh buying opportunity is seen at 83.50 levels and then the target would be 83.75/84.00 levels. Short term resistance lies at 83.50 levels. The immediate support is at 83.30/83.10. Break down below this level will give good bearish signal in the pair and hence the target would be 82.90/82.60. The momentum indicators are suggesting that the upward bias of USD/INR remains intact. Technically the overall trend is expected to trade in a broad range of 83.50 to 82.90. Breaking below this range will give clear indication on the trend. Federal Reserve (Fed) pivoted into a path toward rate cuts after months of towing the “higher for longer” line.
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