(MENAFN- Daily Forex)

• A choppy USD/INR session influenced by reduced U.S. liquidity over Thanksgiving while reaffirming the pair's strong uptrend.
• The analysis stresses technical behavior, support near ₹89, and expectations for a continued push toward ₹90.

During the trading session on Thursday, it's been pretty choppy and somewhat lackluster as the market is being influenced by the idea that it is Thanksgiving in the United States. So, a certain amount of liquidity has been taken out of the situation. That being said, India is a big place, and there are a lot of financial institutions in India as well as in that general area that will have influenced trading on Thursday.

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So it is somewhat of a normal day in that sense, at least half of the day was.

At this point, it's worth reiterating the fact that we are in a massive uptrend. And we did see a run higher just a few days ago that the market really just shot straight up there. It looked like we were going to try to tackle the 90 rupee level Structure and Support Zones

At this point, though, it looks like a little bit of hesitation. That makes a certain amount of sense. We are trying to find a little bit of support. And the one thing that I love about this pair is that it is so technically driven. You can see that a breakout almost always gets a retest and a continuation. And that's basically where we're at, going down to about 89 rupees. I'm a buyer of dips. I do think this market continues.

I just don't see a situation where I would get short. Even if we were to break down below the 89 rupee level, the 88.50 rupee level features not only previous support as well as resistance, but it also features the 50-day EMA, which would come into the picture to offer a little bit of support as well. The Bank of India is well known to be involved in this pair. So, I think what they're trying to do at this point is just simply slow down the depreciation of the rupee itself.

The 90 rupee level is a large, round, psychologically significant figure that attracts a lot of headlines. So, while they may let it go there, I think it's probably going to be more of a grind, but that's not particularly out of sorts for this pair anyway. I remain bullish, I'm a buyer of dips, and I think we'll go testing that 90 rupee level before it's all said and done.

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