• Indian Rupee takes on the US dollar in a sharp move.
• USD/INR bulls could be looking to step in for a scalp towards prior H1 resistance.

In a risk-on environment, USD/INR has suffered a very hard landing into a daily support structure and the following illustrates the prospects of near term correction in holiday thin markets. 

USD/INR daily chart

As illustrated, there is now some room for a correction from the daily support structure that could target the prior highs looking left that have confluence with the 38.2% Fibonacci retracement level. This is located near to 75.60. 

USD/INR H1 chart

From an hourly perspective, the price has already rallied to the 61.8% Fibo of the hourly impulse. If this breaks, then the bulls will be well and truly in control. 75.50s will be eyed.