USD / INR update.

In May, I posted an analysis of USD/ INR when it gave a breakout above 77. My first target of 81 is already hit. However, this week the USD gained 2% which is quite scary. It has also given a Fibonacci breakout above 1.6 levels. Next Fibo resistance would be around 83.3, which is 2.6 levels. This is the major reason for NIFTY sell off! Now 79 would act as a major support. We can see more sell off in coming weeks due to this reason.

CMP - 81.25 W
Target - 83.3 W