CURRENCY MARKET OVERVIEW :
Currency Market USD January 08, 2024
USD/INR Technical view:
The pair made an all time high of 83.49 and could not trade above that level. Fresh buying opportunity will be seen at 83.50 levels until then the pair is expected to trade between the broad ranges of 83.50-82.80 levels. Short term resistance lies at 83.30 levels. On the downside, 83.00 will be the critical support level for USD/INR. Any follow-through selling will see a drop to 82.80, portraying the confluence of the lower limit of the trading range and a low of Sep 12. The next contention level will emerge near a low of Aug 11 at 82.60. The momentum indicators show the downward signal and hence the short term selling is expected in near term. The major support would be 82.70 which is also a 200 day SMA. Breakdown below this level will give more selling opportunity and then the target 82.45/82.15 levels.
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