KEY POINTSIndian Rupee fell to a new record lowUS-India trade talks ongoingIndia inflation data to be released tomorrowFUNDAMENTAL OVERVIEWThe USD weakened across all the major currencies followingthe Fed’s decision as the central bank communicated a higher bar for furtherrate cuts, but Fed Chair Powell delivered a more dovish message by downplaying inflationrisk and focusing more on the labour market. Despite that, the INR fell into new record lowsagainst the US dollar as the structural headwinds keep the pair in a bullishtrend. We have US-India trade talks underway in New Delhi atthe moment, and although a trade deal is still seen some distance away, Indiais hoping to seal at least a basic framework before year-end. That could givethe Indian Rupee some relief although it wouldn’t change the big picture trend. In case, we get some negative news, then the INR will likely fall some more.USDINR TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that USDINR has beentrading in a rising channel, with the price getting closer to the upper boundof the channel around the 91.00 level. If the price gets there, we can expectthe sellers to step in with a defined risk above the top trendline to positionfor a pullback into the lower bound of the channel. The buyers, on the otherhand, will look for a break higher to increase the bullish bets into new recordhighs.USDINR TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we can see that the pair rose intoa new record high before pulling back a bit. The sellers will likely step inhere with a defined risk above the recent high to target a pullback into the89.70 support. The buyers, on the other hand, will want to see the pricebreaking higher to increase the bullish bets into the 91.00 level.USDINR TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we can see that the break abovethe minor resistance zone around the 90.05 level increased the momentum as morebuyers piled in to target new record highs. If we get a pullback, the buyerswill be looking for dip-buying opportunities around the 90.05 level and the 89.70support. The sellers, on the other hand, will look for downside breaks to keeptargeting new lows.UPCOMING CATALYSTSTomorrow we have Indianinflation data. Since yesterday, we have US-India trade talks ongoing for a two-day meeting. This article was written by Giuseppe Dellamotta at investinglive.com.