*USD/INR Spot* {Spot Ref: 86.77 Expected Opening} *News/Data/Comment* : US Inflation & its expectations are consistently coming on the higher side and yesterday was the turn of US PPI. But bond yields reacted in a tame way because the fancy Elon Musk’s DOGE team has come out with many areas of US Government expenditure cuts. In fact the USD had a brief sell-off and even the US Stock markets rallied and this Risk-On/Tariff-off Switch should illuminate Equity, Commodity & FX sentiments in Asia today. *Price Action & Technicals*: For the USD/INR, the Long Term Objective is raised to 88.30 with a highly likely Zig-Zag path [already saw steep Swing-Down last three days] in February & March due to US Tariff Uncertainty. The last two sessions of Down-Swing in the pair will keep any Major Up-Trend in check for the next 2-3 weeks. *Intraday*: The pair will trade “Sideways” with Support Intraday at 86.45 {Intraday Buying Areas} and Resistance at the 86.99 {Intraday Selling Areas} levels and then at the 87.20 areas.