The adverse impact from the conflict in ISRAEL-PALESTINE WAR seems to be relatively limited, particularly if the conflict doesn’t directly involve Iran. Oil prices rising by approximately 4% and nearing $88 per barrel. US 10-year Treasury yields remain flat at 4.80%, Oct 16-20 week is going to be critical for markets. Possibly, it will get a clear picture of evolving geo-political crisis, in terms of how broad and deep it is. So far, it has been contained but things can change very fast, from bad to worse and vice versa. It’s expected that the central bank may intervene if spot approach the 83.30 level to prevent further advances. Key support levels are observed at 83.00 and 82.80 on the spot market. Option sellers continue to favour a range between 82.87/83.00 and 83.40/50 levels.
USD INR Weekly Chart
USD INR rejected from Upper end of range one again and foremed Weekly Doji.
USD INR Plannetary Support and Resistance Line
Indain Rupee at a middle of Venus Plannet line.
USD INR Harmonic
Price is forming the D Leg of SHARK Pattern heading towards 84/84.25 till above 83.75