USD/INR: Break above 82.95/83.30 is essential to affirm next leg of uptrend – SocGen

Economists at Société Générale analyze USD/INR technical outlook.

Failure to reclaim 82.95/83.30 could trigger snap back towards 81.80/81.60

USD/INR uptrend stalled last year in October and since then it has evolved within a narrowing consolidation. 

The pair has recently failed to overcome the upper end of its range at 82.95/83.30; this zone has capped multiple rebounds and is a crucial hurdle. A break above this resistance is essential to affirm next leg of uptrend.  

A short-term pullback is taking shape; a retest of 200-DMA near 81.80/81.60 is not ruled out. This is a key support zone.