USD/INR technical analysis: 69.10/15 limits nearby rise ahead of 2-month old resistance-line

23.6% Fibonacci retracement and 50-day EMA question immediate upside of USD/INR.
Near-term descending trend-line and 69.65/70 confluence also challenge bulls.

Anil Panchal FXStreet

Despite recent recovery, USD/INR remains below key immediate resistances as it takes the rounds to 68.78 ahead of the European open on Friday.

Among them, 50-day exponential moving average (EMA) and 23.6% Fibonacci retracement of February to July decline, around 69.10/15, offers the closest upside barrier, a break of which further propel prices to the 9-week old resistance-line at 69.36.

However, pair’s rise beyond 69.36 might struggle unless clearing the 69.65/70 confluence including 38.2% Fibonacci retracement and 200-day EMA.

On the downside, 68.38/36 seems the strong support before the latest low surrounding 68.25. Should bears dominate below 68.25, 68.00 could be on their radar.

USD/INR daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	68.7855
Today Daily Change	0.1705
Today Daily Change %	0.25%
Today daily open	68.615

Trends
Daily SMA20	68.8128
Daily SMA50	69.3412
Daily SMA100	69.4094
Daily SMA200	70.4186

Levels
Previous Daily High	69.05
Previous Daily Low	68.5795
Previous Weekly High	68.8975
Previous Weekly Low	68.2475
Previous Monthly High	70.1225
Previous Monthly Low	68.8755
Daily Fibonacci 38.2%	68.7592
Daily Fibonacci 61.8%	68.8703
Daily Pivot Point S1	68.4463
Daily Pivot Point S2	68.2777
Daily Pivot Point S3	67.9758
Daily Pivot Point R1	68.9168
Daily Pivot Point R2	69.2187
Daily Pivot Point R3	69.3873

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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