- 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.
|Today last price||70.9687|
|Today Daily Change||-0.0137|
|Today Daily Change %||-0.02|
|Today daily open||70.9824|
|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|
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