USD/INR Price Analysis: Rupee is trapped in a 30-paise range


  • USD/INR is stuck in a sideways channel on the hourly chart. 
  • A channel breakdown may accelerate the sell-off from recent highs near 72.00.

Indian Rupee lacks a clear direction bias since Jan. 13. 

The currency is largely trapped in the 30-paise trading range of 70.70 per US dollar to 71.00 per US dollar, as seen on the hourly line chart

A channel breakdown would imply a continuation of the sell-off from recent highs near 72.00 and could bring a deeper drop toward 70.00. 

On the flip side, resistance near 70.22 will likely be put to test if the channel is breached to the higher side. 

Brent oil seems to have formed a temporary bottom below $64 and looks set for a notable price bounce. 

If oil rises, as expected, markets will likely offer Rupee, sending USD/INR higher to resistance at 70.22. 

Hourly chart

Trend: Neutral

Technical levels

USD/INR

Overview
Today last price 70.9687
Today Daily Change -0.0137
Today Daily Change % -0.02
Today daily open 70.9824
 
Trends
Daily SMA20 71.2498
Daily SMA50 71.3522
Daily SMA100 71.262
Daily SMA200 70.5067
 
Levels
Previous Daily High 71.1675
Previous Daily Low 70.6925
Previous Weekly High 72.57
Previous Weekly Low 70.8485
Previous Monthly High 71.98
Previous Monthly Low 70.328
Daily Fibonacci 38.2% 70.9861
Daily Fibonacci 61.8% 70.8739
Daily Pivot Point S1 70.7274
Daily Pivot Point S2 70.4725
Daily Pivot Point S3 70.2524
Daily Pivot Point R1 71.2024
Daily Pivot Point R2 71.4225
Daily Pivot Point R3 71.6774

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

LIVE: ECB's Lagarde hints new measures in December, EUR/USD pressured

ECB President Lagarde is expressing worries about the virus' resurgence and hints at new measures in December. EUR/USD is under pressure. Earlier, US GDP beat estimates with a bounce of 33.1% annualized. Live.

FOLLOW US LIVE

GBP/USD tumbles below 1.30 as market mood worsens

GBP/USD has dropped below 1.30, reversing its Brexit-related gains. Growing concerns about coronavirus in the UK and the US elections are weighing on the pound.

GBP/USD News

Gold depressed near 1-month lows, below $1870 level post-US GDP

Resurgent USD demand prompted some fresh selling around gold on Thursday. The USD stood tall following the release of upbeat US third-quarter GDP report. The US economy expanded by 33.1% annualized pace as against 31% expected. 

Gold News

Virus is out of control so are the markets

At the beginning of the week, we warned of a possible volatility spike and turbulence in financial markets with only a couple of days remaining to the US presidential election. However, Wednesday turned out to be an ugly one for investors and much worse than expected. 

Read more

WTI collapses to $35.00, new 4-month lows

Prices of the WTI drops to 4-month lows near the $35.00 mark per barrel in the second half of the week as traders continue to track the unremitting advance of the coronavirus pandemic and its impact on the demand for the commodity.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures