USD/INR may rise to 84.38 - 84.78

Our pivot point stands at 82.87.

Our preference

As long as 82.87 is support look for 84.78.

Alternative scenario

The downside breakout of 82.87 would call for 82.19 and 81.78.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 83.45 and 83.42).

Supports and resistances

85.60 **

85.19 *

84.78 **

84.38

83.49 last

83.14

82.87 **

82.19 *

81.78 **

Number of asterisks represents the strength of support and resistance levels.