USD/INR technical analysis: Bearish pin bar on weekly chart doubts recent recovery

• USD/INR remains below 38.2% Fibonacci retracement of October 2018-July 2019 downpour.
• 69.80 level seems to be in focus during further declines.

Considering the bearish candlestick formation on the weekly chart, the USD/INR pair’s recent upside stays doubtful while the quote seesaws near 70.85 ahead of the European session on Wednesday.

Any further upside is likely to be capped by 50% Fibonacci retracement level surrounding 71.60 whereas September high nearing 72.65 holds the key to pair’s additional rise.

In doing so 72.82, comprising December 2018 top and multiple resistances near 73.35/40 could flash on bull’s radar.

Alternatively, the previous week’s low near 70.53 acts as immediate support, a break of which could trigger fresh declines to 23.6% Fibonacci retracement surrounding 69.80.

During the pair’s further declines below 69.80, bears could target 68.80 and 68.25 rest-points.

USD/INR weekly chart

Trend: bearish