(MENAFN- Daily Forex)

• Thursday has been good to the US dollar, as the Wednesday session ended up turning things around against the Indian rupee.
• The 88 Rupee level seems to be an area of interest that people are willing to jump in and start buying the US dollar yen, which makes a certain amount of sense considering that it has been both support and resistance over the last month or two.

Keep in mind that the Federal Reserve did of course cut interest rates by 0.25% during the trading session on Wednesday but also has not exactly given the markets everything they want. While further rate cuts are somewhat expected, the reality is that the Federal Reserve did not jump in and started suggesting that there were going to be a long and protracted series of rate cuts. With this, there are a lot of questions as to where the markets go next, and it's probably worth noting that interest rates actually rose during the session on Thursday at numerous points during the day.

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The technical analysis for this market is obviously very bullish; it has been for some time. I think at this juncture, you have to accept the fact that the markets are still a bit jittery, and the reality is that the US dollar is going to be considered much safer than the Indian be at the moment. The ₹88.50 level is an area that's been massive resistance multiple times now, and it is worth noting that we pulled back just a bit from that region later in the day on Thursday.

Nonetheless, this looks like a market that will eventually try to break out to the upside, but it may take a minute or 2 to get there. Breaking above the ₹88.50 level opens up a move to the ₹89 level, while a breakdown below the hammer from the Wednesday session could bring the US dollar back to the 50 Day EMA at the ₹87.45 area.

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