June 7, 2023

Indian Rupee holds firm vs daily bear trend

  • USD/INR bulls are stepping in at a critical level of support. 
  • The 38.2% Fibo could come under pressure in the coming days. 

USD/INR has been in a strong downtrend of late as the US dollar falls to climb higher through critical highs scored towards the last trading weeks of the year in 2021. While DXY remains subdued, the emerging market currencies will continue to sigh with relief.

However, the tables could be starting to turn as the US dollar comes up for air at the start of the year. The following illustrates the meanwhile prospects of a bullish correction in USD/INR as a consequence from a daily perspective:

USD/INR daily chart

As illustrated above, the price is holding at support near 74.40. The bulls could be encouraged to move in to clean up some of the imbalance of the recent price run, perhaps as far as the 38.2% Fibonacci retracement area near 75.10. 

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