USD/INR may fall 8 - 10 pips

Our pivot point stands at 84.11.

Our preference

Target 83.95.

Alternative scenario

The upside breakout of 84.11, would call for 84.16 and 84.18.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (84.06) but above its 50 period moving average (84.05).

Supports and resistances

84.18 **

84.16 *

84.11 **

84.09

84.05 last

83.97

83.95 **

83.92 *

83.89 **

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