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USD/INR Price Analysis: Greenback bouncing sharply from the 69.00 figure vs. rupee

  • USD/INR buyers are eying the 72.00 handle. 
  • The level to beat for bulls is the 71.20 resistance.
 
 

USD/INR weekly chart

 
USD/INR is trading in a rectangle consolidation while holding above the main weekly simple moving averages (SMAs).
 

USD/INR daily chart

 
The market is ranging in a rectangle formation while in the 70.40-72.40 range as it is holding above the 200-day simple moving average (SMA). As the market is rejecting the 70.40 -69.40 support zone and reversing from the lows, the spot could extend its rise after a break of the 71.20 resistance and potentially target 71.60, 72.00 and 72.40 levels
 

Additional key levels

 

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