USD/INR may fall 5 - 8 pips

Our pivot point is at 84.10.

Our preference

The downside prevails as long as 84.10 is resistance.

Alternative scenario

The upside breakout of 84.10, would call for 84.14 and 84.17.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 84.06 and 84.06). Finally, the USD/INR has penetrated its lower Bollinger band (84.02).

Supports and resistances

84.17 **

84.14 *

84.10 **

84.08

84.02 last

83.97

83.94 **

83.92 *

83.89 **

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