CNH/INR: Break below 11.65 to open up 61.8% Fibo support at 11.30 and then 0% Fib support at 11.01 – TDS India China Currencies Banks
“India has benefitted from a surge in foreign portfolio flows, while FDI inflows have remained firm. We expect inflows to continue to strengthen, providing support to the INR. Separately, India's trade deficit is narrowing, with the country registering its smallest deficit in April since Aug 2021. This all bodes well for the currency and while RBI FX intervention remains a risk to spot appreciation, carry and risk adjusted returns are attractive.
“The currency pair is trading around its 76.4% Fib support level at 11.65 and a push lower opens up the 61.8% Fib support at 11.30 and then 0% Fib support at 11.01.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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