CURRENCY MARKET OVERVIEW :
USD/INR Technical view:
The pair has the major support at 82.80(Spot) levels. Short covering is expected in short run. Fresh buying opportunity will be seen at 83.47 levels which is also an all time high. The broad range for the week is 83.30-82.80 levels. In Short term, more Selling opportunity is expected as the pair breaks the major support of 83.00 levels. The potential support level for the pair will emerge at the lower limit of the descending trend channel at 82.72. A bearish breakout below 82.72 might signal that it’s time for the bear to charge again, possibly taking the pair back to a low of August 23 at 82.45, followed by a low of June 1 at 82.25. The upper boundary of the trading range at 83.40 acts as an immediate resistance level for USD/INR. Further north, the additional upside filter to watch is a 2023 high of 83.47, en route to the 84.00 psychological round mark.
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