Feb 18, 2020
USD/INR New York Price Forecast: Dollar fades 71.60 vs. rupee
- USD/INR remains trapped in a tight range on the second day of the week.
- The level to beat for bears is the 71.20 support.
USD/INR weekly chart
Following the 2018 bull-market, USD/INR has been consolidating in a rectangle pattern. The spot is trading above the main weekly simple moving averages (SMAs), suggesting a bullish bias in the long term.
USD/INR daily chart
The spot broke below a bear flag formation and then bounced from the 71.20 support level to retest the 71.60 resistance multiple times. USD/INR remains trapped in a sideways market while staying vulnerable below the 71.60/72.00 resistance zone. A daily close above the 72.00 figure should likely invalidate the bearish scenario and yield further upside towards the 72.40 level.
Additional key levels