USD/INR slips towards the 2018-2020 support line at 73.57 – Commerzbank

The USD/INR pair nears the 2018-2020 support line at 73.57 below which lies the 73.08/72.99 key support area, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Key quotes

“The USD/INR 1 Month NDF’s recent slide has gotten close to the 2018-2020 support line at 73.57 which remains in focus while no rise and daily chart close above the 74.43 current December high is seen.”

“Below the early December low and the long-term support line at 73.63/57 lies key support at the 73.08/72.99 September and October lows. Further down sits strong support at 72.76/41, made up of the January and February 24 highs.”

“Resistance above the 74.43 current December high can be spotted at the early and mid-November highs at 74.99/75.28. Only a currently unexpected rise above this area would push the mid-July and August highs at 75.57/78 back to the fore. Only if this resistance area were to be exceeded, would the June peak at 76.82 be back in the picture as well. Still further up the March and April peaks can be found at 77.78/78.15.”