USD/INR Price Analysis: Struggling to capitalize on breakout

USD/INR's corrective bounce has likely ended, according to technical charts.
The pair risks falling back to 70.80.

Omkar Godbole FXStreet Contributor

USD/INR broke higher from a sideways channel on Friday, but so far, the bulls have failed to make their presence felt.

The currency pair fell by 0.10% on Monday, forming an inverted bearish hammer. That candle indicates the bounce from lows near 70.70 has likely ended.

Further, the relative strength index (RSI) on the hourly chart has dived out of an ascending trendline.

The pair, therefore, risks falling to support at 70.80. A violation there would expose the recent low of 70.67.

On the higher side, 71.15 is the level to beat for the bulls.

Hourly chart

Daily chart

Trend: Bearish

Technical levels

USD/INR

Overview
Today last price	71.144
Today Daily Change	0.1215
Today Daily Change %	0.17
Today daily open	71.0225

Trends
Daily SMA20	71.2395
Daily SMA50	71.3344
Daily SMA100	71.2452
Daily SMA200	70.5239

Levels
Previous Daily High	71.295
Previous Daily Low	69.0705
Previous Weekly High	71.27
Previous Weekly Low	70.5875
Previous Monthly High	71.98
Previous Monthly Low	70.328
Daily Fibonacci 38.2%	69.9203
Daily Fibonacci 61.8%	70.4452
Daily Pivot Point S1	69.6303
Daily Pivot Point S2	68.2382
Daily Pivot Point S3	67.4058
Daily Pivot Point R1	71.8548
Daily Pivot Point R2	72.6872
Daily Pivot Point R3	74.0793

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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