Ella 
In Asia on Wednesday, the USD/INR did not extend its gains over the past two days and remained within a narrow range. USD/INR is currently trading just below the monthly peak around the 83.30-83.35 area hit last week, which should now serve as a key pivot for short-term traders.
The U.S. dollar rose to a 10-month high as more and more people believe that the Federal Reserve (Fed) will raise interest rates for longer, which still boosts U.S. bond yields. In addition, the weakening risk tone further threatens This favors the dollar’s safe-haven status and should serve as a “tailwind” for the USD/INR pair.
From a technical perspective, USD/INR remains above the technically significant 100-day and 200-day simple moving averages (SMA). Additionally, the daily chart oscillators are just beginning to approach positive territory, which is favorable for bulls. That said, it would still be prudent to wait for some follow-through buying before taking a position on further gains in USD/INR.
By then, the USD/INR target may be to break through the historical peak near 82.83.40-83.45 hit on August 15, and then test the 84.00 integer level.
In addition, if USD/INR consolidates and falls, it may now find support near last Friday’s shock low of 83.00, that is, around 82.80-82.75. This is followed by the upwardly tilted 100-day EMA (near 82.00) and the 200-day EMA (near 82.35). If USD/INR falls below this level, it will turn bearish and become more vulnerable.
USD/INR is likely to accelerate its decline towards the 82.00 mark and eventually to the July swing lows around 81.70-81.65.
