USD/INR may rise 5 - 8 pips

Our pivot point stands at 83.87.

Our preference

Look for a drop towards 83.87 before a bounce.

Alternative scenario

The downside breakout of 83.87 would call for 83.83 and 83.81.

Comment

The RSI is above 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI would call for further downside. Moreover, the price is above its 20 and 50 period moving average (respectively at 83.94 and 83.95).

Supports and resistances

84.08 **

84.05 *

84.03 **

84.00

83.95 last

83.89

83.87 **

83.83 *

83.81 **

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