USD/INR: Break above 76.50 to set a bullish triangle pattern towards 77.75 – Credit Suisse

USD/INR is trading at 75.65 and analysts at Credit Suisse expect the pair to hold the 74.97 support and look for a break above 76.50 which would mean a bullish triangle pattern is in place.

Key quotes

“USD/INR has moved into a short-term consolidation phase over the past few months, however this looks increasingly like a bullish ‘triangle’ continuation pattern which looks ripe for a break.” 

“We look to hold above the 74.97 low and for a break above 76.50, which would trigger the pattern. With existing multi-year bullish continuation patterns also already in place, this should proper the market to further gains, with the next levels at 77.75, then the ‘triangle measured objective’ at 78.86.”