USD/INR to challenge crucial support zone at 80.50/79.80 – SocGen

The USD/INR pair has embarked on a phase of pullback after forming a lower high at 82.95. Retest of 80.50/79.80 could follow, economists at Société Générale report.

Failure to reclaim 82.95 to trigger a continuation in phase of correction

“Break below the trend line since last February affirms a short-term down move is taking shape.” 

“Failure to reclaim 82.95 would mean continuation in phase of correction.”

“A retest of November low and projection at 80.50/79.80 is expected. This could be a significant support zone.”