The USD/INR has important short-term support within view, but the Forex pair remains within an elevated range.
The USD/INR has traded lower early this week and remains within sight of intriguing support. As of this writing the USD/INR currency pair is near the 79.5800 level and has touched the 79.4950 ratio earlier this morning.
While important support is certainly within view from a short-term perspective, the USD/INR actually remains within the upper realms of long term technical charts. Lows of 79.4100 produced yesterday should be watched, if this line of support proves durable it could mean some consolidation is going to factor into the USD/INR.
Traders may get Tired of U.S data Considerations, But the USD/INR remains connected to Outcomes
The notion the USD/INR remains within its elevated value range from a long term perspective is not meant to belittle short term considerations. It is meant to point out that although the recent trend the past two days has presented reversals lower, that from a wider perspective the USD/INR continues to demonstrate incremental gains upwards which have proven stronger.