The USDINR has continued its move to the upside from a technical perspective. The subsequent low reached in earlier trading today found willing buyers at 89.835 just above that level . The level remains a risk defining level for traders going forward.
The move to the upside today has taken the price to a new all-time record high of 90.304. The current price is trading around 90.13. On the topside, the next target comes against the 161.80% Fibonacci extension targeted at 90.573. Just above that is a channel trendline cutting across near 90.68. There should be some slowing of the move to the upside near those levels, with a break above likely leading to additional buying momentum on stops.
On the downside, the price is trading above and below a topside trendline off the hourly chart near 90.14. The move with momentum below that level would have traders targeting the 89.79 level. Move below that level in the rising 100 hour moving average at 89.593 would be eyed.
For the trading year, the USDINR is up 5.367%
