USD/INR Forecast 29/09: Consolidates Against INR (Chart)

(MENAFN- Daily Forex) The US dollar has drifted a little bit lower against the Indian rupee during the trading session on Friday, with the \u20B989 level above being a significant amount of resistance we can break above the \u20B989 level, then it\u0026rsquo;s possible that we could go higher, but it\u0026rsquo;s worth taking a bit of a breather here and absorbing the gains that the market had seen on Tuesday, as we smashed to the \u20B988.50 level of the \u20B988.50 level, it\u0026rsquo;s worth noting that the level had been extraordinarily difficult to get above, and now that we have done this, it opens up a little bit of a momentum driven market. After all, we have been in an uptrend for some time, so every time we break a little bit higher, it does make a certain amount of sense that there is a bit of follow-through. However, keep in mind that the Bank of India does dip its hands into the currency pair occasionally, and it certainly manipulates the Indian rupee in a somewhat capped type of market. In other words, the Indians are letting the rupee drift a little bit lower, but not uncontrollably so. 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: SidebarBrokerListAmount, getStartedText: \u0060Get Started\u0060, readReviewText: \u0060Read Review\u0060, Logo: \u0027broker_carrousel_i\u0027, Button: \u0027broker_carrousel_n\u0027, });A Grind HigherKeep in mind that this pair does tend to grind overall, and I think that will be the overarching theme of any move higher. We could get a little bit of a pullback here, but the \u20B988.50 level should end up being significant support, just as it had been significant resistance and I would anticipate seeing a lot of \u0026ldquo;market memory\u0026rdquo; in that area. On the other hand, if we can break above the \u20B989 level, then it\u0026rsquo;s likely that the market will move another half rupee to the upside, looking at the \u20B989.50 level we were to break down below the \u20B988.50 level, then I think that there will be a significant amount of support all the way down to the \u20B988.00 level, an area where the 50 Day EMA is currently racing toward. I think that is your \u0026ldquo;floor in the market\u0026rdquo;, but I also recognize that overall, it\u0026rsquo;s easier to just simply buy short-term pullbacks and be patient.

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