The pair took support at 80.90 and made an attempt to scale higher of 81.76 levels, it got sold-off again. The support at 80.90 is a tuff nut to crack and may consolidate in the range of 80.90 & 82.05 with choppy moves on either side. A close above 81.75 can be treated as a reversal for re-attempt of 82.55. Only a break below 80.90 can see the pair drift towards 80.50 and then to 80.20. Most likely scenario would be a consolidation between 80.90 and 82.05. A close outside this range requires re-assessment of risk/direction and target.
A few more observations:
Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
A few more observations:
- The currency pair trying to attempt the break-down levels in the reactive move
The correlation between DXY and USDINR is not currently active
though the Dollar Index-DXY is likely to hover in the familiar range of 101-105
The raising upward channel indicate the broader range of 80.10-83.10
The increased volatility and wild swings likely to continue
Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.