USDINR: 80.30/80.00 is crucial support zone – SocGen USDINR Banks
has experienced an extended uptrend after breakout above the key graphical levels of 77. Economists at Société Générale expect the pair to retrace to test the 80.30/80.00 support zone.“USDINR has completed a streak of ten consecutive higher monthly closes in 2022 denoting a slightly stretched move. This is not a reversal signal, however, a short-term pause is not ruled out.”. This projects targets near 80.90.
“A break above 83.30 would be essential to affirm next leg of uptrend. If this crossover materializes, the pair could inch higher towards further projections of 84.20 and 85.90/86.30.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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