USD/INR may fall 11 - 14 pips

Our pivot point stands at 83.69.

Our preference

As long as 83.69 is resistance look for 83.51.

Alternative scenario

Above 83.69, look for 83.75 and 83.78.

Comment

The RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 83.65 and 83.65).

Supports and resistances

83.78 **

83.75 *

83.69 **

83.67

83.65 last

83.54

83.51 **

83.48 *

83.45 **

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