The US dollar has been on the rise late, with equity market weakness translating into a upside for havens such as the greenback. For USDINR this has brought the currency pair back up into a major historical resistance level that could yet cause a significant breakout or reversal. The key line in the sand comes in the form of the prior swing-high at 82.79. A break up through that level would signal a potential resumption of the long-term bull market. However, until that level breaks, we are faced with the potential of a seventh peak within a consolidation phase that has lasted almost a year.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.