$USDINR: Bullish Trend Past Month Challenging Apex Highs Now Get the March 2023 forecast here -
Get DailyForex analysis to your emailThe USD/INR has delivered a month of volatility and speculators now thinking about their next moves are watching as apex highs are within sight.The USD/INR has not traded above the 83.0000 level in a sustained manner since these marks were achieved around the 20of October, but in early November and mid-December the 83.0000 mark was certainly in sight but acted as durable resistance.
Having held as durable resistance over a handful of months when the USD/INR has driven higher, speculators may believe the 83.0000 is ripe to be attacked again and perhaps this time penetrated with an additional climb. A look at six month charts shows the USD/INR has traded higher before, even if it was only momentary.
However, strong jobs numbers and stubborn inflation reports the past few weeks have confirmed the U.S Federal Reserve’s outlook for nowof March, not late this week. Until the U.S jobs numbers are published choppy conditions are likely in the USD/INR and resistance up above should be watched very carefully to see if it crumbles.If any short sellers still exists in the USD/INR they should be very careful in the coming week and a half.
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