- USD/INR remains trapped in a tight range as the week comes to an end.
- The level to beat for bears is the 71.20 support.
USD/INR weekly chart
Following 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 quote broke below a bear flag formation and challenged the 71.20 support level to then retest the 71.60 resistance. However, USD/INR has entered a tight range while remaining vulnerable below the 71.60/72.00 resistance zone. However, a close above the 72.00 figure on a daily basis would likely invalidate the bearish scenario and yields further upside towards the 72.40 level.