USD/INR Forecast Today - 03/09: USD Consolidates Vs INR

(MENAFN- Daily Forex) This asset looks as if it is still stuck in the consolidation move\u0026rsquo;s not a huge surprise, this pair does tend to be very noisy and choppy at times, but ultimately, I think you\u0026rsquo;ve got a situation where traders are going to look at the global risk appetite profile more than anything else at this, it\u0026rsquo;s obvious that the market has been going sideways for a while, with the \u20B983.75 level underneath being a short-term support level. It also is where we see the 50-Day EMA currently residing, so that of course is an area where people will be looking at as a technical support level, plus it\u0026rsquo;s also an area that we have seen important more than once. Top Forex Brokers 1 Get Started 74% of retail CFD accounts lose money Read Review BrokerGeoLists({ type: \u0027MobileTopBrokers\u0027, id: \u0027mobile-top-5\u0027, size: 5, getStartedText: \u0060Get Started\u0060, readReviewText: \u0060Read Review\u0060, Logo: \u0027broker_carrousel_i\u0027, Button: \u0027broker_carrousel_n\u0027, });Bank of IndiaKeep in mind that the bank of India does not allow this market to trade freely, and therefore we\u0026rsquo;ve got a situation where traders are looking at the central bank as controlling a range that they will be dealing with, but ultimately it\u0026rsquo;s obvious that we are going to see plenty of support underneath, and it does make a certain amount of sense considering that the world is full of all kinds of geopolitical concerns, and therefore does make a certain amount of sense that the US dollar would be thought of as much more attractive than emerging market currencies. Ultimately, I do think that the USD/INR market goes higher a move above the \u20B984 level, then I think it allows the US dollar to go looking to the \u20B984.25 level, which is where we had peaked previously. Anything above there then allows a much bigger move, perhaps to the \u20B985 level. On the other hand, if we were to turn around a break down below the \u20B983.75 level and therefore the 50-Day EMA, then we have a shot at dropping all the way down to the \u20B983.50 level where there has been a lot of noise in the past general, this is a situation where traders will continue to see a lot of volatility but ultimately if we do rally from here, I think it\u0026rsquo;s a sign that traders will continue to favor the United States over riskier economies such as India.

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