USD/INR may rise 5 - 7 pips

Our pivot point stands at 83.98.

Our preference

The upside prevails as long as 83.98 is support.

Alternative scenario

The downside breakout of 83.98 would call for 83.94 and 83.91.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 83.98 and 83.95).

Supports and resistances

84.19 **

84.17 *

84.14 **

84.12

84.07 last

83.99

83.98 **

83.94 *

83.91 **

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