USD/INR: Resistance at 83.30/83.60 must be overcome for affirming resumption in uptrend – SocGen

USD/INR has rebounded sharply after testing the multi month trend line at 81.00. The pair could extend its race higher on a move above 83.30/60, economists at Société Générale report.

A phase of consolidation is not ruled out

“USD/INR is gradually heading towards the peak formed in October near 83.30/83.60. This remains an important resistance zone and must be overcome for affirming resumption in uptrend. A phase of consolidation is not ruled out.” 

“In case the pair breaks recent bullish gap support at 81.90, a retest of the trend line near 81.00/80.50 is likely.”