Much of the news flow around the USDINR has died down and so has the trending move we saw in the instrument.
It's now bracketing and playing a quite range.
55.65 has developed as the highest volume node for the instrument this month and once can see levels of 55 and lower only when this is taken out.
The other high volume point is 56.45.
These two volume nodes encompass a 55.05- 56.70 bracket which has also been the range for this series thus far.
Today's upmove met with strong responsive selling near the HVN of 56.20 from 1st june and the seller will try to push the index closer to 55.65 again.
Above 56.21, a move to 56.45 and 56.65 should happen quickly.