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26 Feb 2020
USD/INR New York Price Forecast: Dollar bears pressuring 71.60 support vs. rupee
- USD/INR is trapped in a sideways market.
- The level to beat for bears is the 71.60 support.
USD/INR weekly chart
After the 2018 bull-run, 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 is easing from the 70.40 resistance while retracing from the February highs. The spot is trapped in a range suggesting a potential decline below 71.60 support en route towards the 71.20 level in the medium term.
Additional key levels