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- USD/INR Price News: Bulls take the price into fresh corrective highs
USD/INR Price News: Bulls take the price into fresh corrective highs
- USD/INR Bulls have eyes on 75.20 on US dollar strength.
- US yields are keeping the US dollar underpinned.
USD/INR is currently trading at 74.7150 and higher by some 0.20% at the time of writing after rising from a low of 74.56 to a high of 74.72. US yields have marked a fresh cycle high in the 10-year Treasury yield which has lifted the greenback, if only marginally. DXY is testing the psychological 95.80 level:
DXY daily chart
The US dollar could be forming an inverse head and shoulders at this juncture. This will be a bullish scenario around the Federal Reserve next week and should keep USD/INR elevated.
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The current resistance has been pierced and would be expected to act as a support if the price breaks and closes above it. In doing so, then the next layer of resistance is near 75.20 for the bulls to target.
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