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- USD/INR Price News: Rupee remains in the hot-seat, but meets daily resistance
USD/INR Price News: Rupee remains in the hot-seat, but meets daily resistance
- USD/INR remains bullish on the longer-term time frames.
- USD/INR broke monthly resistance and bulls make higher daily high.
- There are prospects of a mean reversion from daily resistance.
As per the analysis at the start of the week, USD/INR has been making headway deeper into the 75 areas and on the approach to the 21 April highs of 75.56. So far, the fresh high on the charts has been 75.50. However, there are now prospects of a downside correction from daily resistance.
The following illustrates the price action in a top-down analysis.
USD/INR monthly chart
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The price is breaking the monthly trendline resistance for the month of October which leaves bullish prospects to follow. 78.95 comes as the -272% Fibonacci retracement of the monthly correction's range for which bulls can target.
USD/INR daily target
-637695991843514245.png)
However, from a daily perspective, the price is reaching into daily resistance and we are yet to see a retest of the trendline following the breakout. A 61.8% Fib retracement meets prior resistance territory that would be expected to act as a support between there and the 50% mean reversion target. This area falls in at 74.80/75.00.
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