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  • 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