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18 Feb 2020

USD/INR New York Price Forecast: Dollar fades 71.60 vs. rupee

USD/INR remains trapped in a tight range on the second day of the week.
The level to beat for bears is the 71.20 support.

USD/INR weekly chart

Following the 2018 bull-market, USD/INR has been consolidating in a rectangle pattern. The spot is trading above the main weekly simple moving averages (SMAs), suggesting a bullish bias in the long term.

USD/INR daily chart

The spot broke below a bear flag formation and then bounced from the 71.20 support level to retest the 71.60 resistance multiple times. USD/INR remains trapped in a sideways market while staying vulnerable below the 71.60/72.00 resistance zone. A daily close above the 72.00 figure should likely invalidate the bearish scenario and yield further upside towards the 72.40 level.

Additional key levels

Feb 18, 2020

China's Xi: China still able to meet 2020 economic target despite virus impact

China will still be able to meet its 2020 economic growth target despite the negative impact of the coronavirus outbreak, China's President Xi Jinping