Quotations of the Indian Rupee against the US Dollar INR/USD currency pair continue to move within the development of a fall and a descending channel. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the currency pair and a potential continuation of the fall in the value of the instrument from the current levels. At the time of publication of the forecast, the Indian Rupee to the US Dollar exchange rate is 0.01189. At the moment, it is worth considering an attempt to develop a bullish correction and a test of the resistance level near the area of 0.01191. Further, within the framework of the INR/USD forecast for tomorrow, a price rebound downwards and an attempt to develop a fall in the currency pair to the area below the level of 0.01183 are expected.
INRUSD forecast Indian Rupee for October 25, 2024
An additional signal in favor of the fall of the INR/USD currency pair will be a test of the resistance line on the relative strength indicator (RSI). The second signal in favor of this scenario will be a rebound from the upper border of the bearish channel. The cancellation of the option of falling quotes of the Indian Rupee against the US Dollar will be a strong price increase and a breakout of the 0.01193 level. This will indicate a breakout of the resistance area. In this case, the pair will continue to grow to the area above the 0.01196 level. Confirmation of the fall of the INR/USD currency pair should be expected with a breakout of the support area and closing of quotes below the 0.01187 level.
INRUSD forecast Indian Rupee for October 25, 2024 suggests an attempt to test the resistance area near the 0.01191 level. From where we should expect a continuation of the fall in quotes to the area below the 0.01183 level. An additional signal in favor of the decline will be a test of the trend line on the relative strength indicator. The cancellation of the option of falling of the INR/USD pair will be a strong price increase and a breakout of the 0.01193 level. In this case, we should expect the pair to continue to rise with a potential target above the level of 0.01196.
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