USD/INR set to test crucial support zone at 80.80/80.50 – SocGen

USD/INR has evolved within a sideways consolidation since last October. Analysts at Société Générale expect the pair to challenge the 80.80/50 support zone.

Next supports at 81.20 and 80.80/80.50

“A pullback is taking shape; the pair is expected to drift towards an ascending trend line at 81.20 and the lower part of the formation at 80.80/80.50 which is also the 200-DMA. This is an important support zone.” 

“Defence of the 200-DMA could result in a bounce. However, a break above 82.95/83.30 would be essential to affirm the next leg of uptrend.”