USD/INR may fall 6 - 8 pips

Our pivot point stands at 84.00.

Our preference

Under pressure below 84.00.

Alternative scenario

The upside breakout of 84, would call for 84.04 and 84.07.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 83.93 and 83.92).

Supports and resistances

84.07 **

84.04 *

84.00 **

83.98

83.92 last

83.86

83.84 **

83.81 *

83.79 **

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