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FxWirePro: USD/INR spikes higher from session lows, INR depressed after Fitch downgrades India GDP forecast
USD/INR chart - Trading View
Fitch ratings agency downgraded India GDP growth forecasts for 2021-22 fiscal to 8% from 9.5% projected last month.
USD/INR slumped lower to weekly lows at 75.90, but quickly recovered lost ground to trade largely muted at 75.33 at around 09:15 GMT.
Fitch maintained its projection of Indian economy contracting by 5% in the current fiscal.
USD/INR trades with a neutral bias. Both major and minor trend are flat as evidenced by the GMMA indicator.
55-EMA is offering strong support at 75.23. Decisive break below will see some weakness. Next major support aligns at 110-EMA at 74.50.
On the flipside, close above daily cloud with confirmation from other indicators will see upside.
Resistances on the upside align at 75.47 (21-EMA), 76.33 (June 2020 high) and 76.82 (Apr 2020 high)