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  • USD/INR bull trend stays intact as the spot is trading off three-decades highs.
  • A deeper retracement down could be on the cards.

USD/INR weekly chart

USD/INR is trading above the main weekly simple moving averages (SMAs) while trading near three-decade highs just above the 74.00 handle. Over the weekend in order to face the coronavirus crises, the Federal Reserves cut interest rates by surprise by 100bps to 0%.

USD/INR daily chart

The quote is fading the 75.00 figure while challenging the 74.00 support level. A daily close below the 73.50 level can trigger a deeper retracement down towards 73.00 and 72.50 levels. On the flip side, bulls would need to recapture the 75.50 resistance in order to sail into uncharted territories. 

Additional key levels