USD/INR may rise 11 - 16 pips

Our pivot point stands at 83.42.

Our preference

The upside prevails as long as 83.42 is support.

Alternative scenario

The downside breakout of 83.42 would call for 83.33 and 83.28.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 83.48 and 83.45).

Supports and resistances

83.77 **

83.72 *

83.66 **

83.61

83.50 last

83.46

83.42 **

83.33 *

83.28 **

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