USD/INR Technical Analysis

Since mid-April, the US Dollar has fallen about 4% against the Indian Rupee. Now it is approaching a strong level of support at around 72.30. The lack of a strong economic agenda and because we are at the end of the month, we could probably see the market move sideways this Friday. From a technical point of view, if the price manages to break above the 72.80 level, the dollar could begin a new uptrend and hit the 74.00 in the next few days.