The USD to INR exchange rate is at 82.9400, indicating a slight improvement from the lowest point reached this Thursday.

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• USD/INR states a modest recovery from a one-week low touched this Thursday.

The pair currently trades last at 82.9400.

The previous day high was 83.125 while the previous day low was 82.8175. The daily 38.2% Fib levels comes at 82.935, expected to provide support. Similarly, the daily 61.8% fib level is at 83.0076, expected to provide resistance.

The USD/INR pair attracts some dip-buying near the 82.80 area, or a one-week low touched during the Asian session this Tuesday and for now, seems to have snapped a three-day losing streak. Spot prices, however, remain below the 83.00 round-figure mark, the near-term bias seems tilted in favour of bullish traders.

The positive outlook is reinforced by the fact that the USD/INR pair is holding comfortably above technically significant 100-day and 200-day Simple Moving Averages (SMAs). Moreover, positive oscillators on the daily chart – though have been losing some traction – suggest that the path of least resistance for spot prices is to the upside.

A sustained strength beyond the 83.00 mark will reaffirm the constructive setup and lift the pair back towards last week’s swing high, around the 83.20-83.25 region. This is followed by the 83.45 region, or the record high touched in August, which if cleared decisively will be seen as a fresh trigger for bulls and pave the way for additional gains.

On the flip side, weakness below the 82.80-82.75 region might continue to attract some dip-buying and remain limited near the 82.40-82.30 confluence, comprising the 100-day and the 200-day SMAs. The latter should act as a pivotal point, which if broken will make the USD/INR pair vulnerable to accelerate the slide towards the 82.00 round figure.

Some follow-through selling below the July monthly swing low, around the 81.70-81.65 region, will suggest that spot prices have formed a near-term top and pave the way for a deeper corrective decline. The USD/INR pair might then weaken further towards the 81.35 intermediate support before eventually dropping towards testing sub-81.00 levels.

Technical Levels: Supports and Resistances

USDINR currently trading at 82.9182 at the time of writing. Pair opened at 82.8866 and is trading with a change of 0.04 % .

The pair is trading below its 20 Daily moving average @ 82.9395, above its 50 Daily moving average @ 82.6259 , above its 100 Daily moving average @ 82.4154 and above its 200 Daily moving average @ 82.3347

The previous day high was 83.125 while the previous day low was 82.8175. The daily 38.2% Fib levels comes at 82.935, expected to provide support. Similarly, the daily 61.8% fib level is at 83.0076, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 82.761, 82.6355, 82.4535
• Pivot resistance is noted at 83.0686, 83.2506, 83.3761

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