71.97 is the level to beat for bulls

  • USD/INR’s 4-hour chart shows an upside break of a key descending trendline. 
  • A break above 71.97 is needed to invalidate the bearish lower highs setup. 

USD/INR is currently trading at 71.78, having hit a high of 71.8790 a few minutes before press time. 

The 4-hour chart shows the pair has exited the trendline connecting Sept. 3 and Sept. 10 highs, meaning the pullback from recent highs near 72.40 has ended. 

That said, the bearish lower highs setup is still intact and a break above the Sept. 10 high of $71.939 is needed for bull revival. That would open the doors for a potential break above 72.40. 

On the downside, the descending trendline support is currently seen at 71.59. 

4-hour chart

Trend: Bullish above 71.976

Pivot points