USDINR Price Prediction: More Downside to Follow Before Recovery?

The price action took a plunge in the first half of the week, as the market contagion from the Evergrande Group’s debt crisis spurred a flight away from risky assets. This scenario spurred fresh bearish price prediction bets that were only staved off when the troubled Chinese property developer was given a new repayment lifeline. The announcement allowed the price action to recover slightly on Wednesday. 

Thursday has brought new struggles for the token. Not even the recent announcement on the jersey patch partnership with the Philadelphia 76ers has propped prices up. Following the stock’s ascent from July till early September, the price remains in a retracement mode, with the 50%, 61.8% and 78.6% Fibonacci retracement points all up for grabs. is trading lower, and unless it reverses the earlier losses for the week, the bulls on could endure more losses. Price Prediction

The price prediction is for the token to trade within the boundaries of the descending channel on the daily chart. The downside move of the day is testing the 0.1637 support. If the bulls fail to defend this level, a price dip towards 0.1505 is probable. Continuation of selling sentiment could spur descent of the price action towards 0.1395 and 0.1334, respectively.

On the other hand, a bounce off the 0.1637 support provides a basis for bulls to target 0.1801 initially. This level must give way before 0.1983 and 0.2232 come into the picture. The latter will only feature as a price target if the price action takes out the channel’s upper border and the 0.1983 resistance. Price (Daily) Chart

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