USD/INR Price News: Trapped between daily support/resistance, breakout coming

• USD/INR remains trapped in a sideways channel in daily chart consolidation. 
• The price has met a 61.8% and a 50% mean reversion point on the weekly chart. 

The USD/INR price is consolidated at the start of the week following a series of range-bound candles on the daily chart. 

The following illustrates the market structure in a top-down analysis and potential scenarios for the week ahead. 

USD/INR weekly chart

The price has corrected to a 61.8% golden ratio and has stalled. This leaves the downside favourable for a downside continuation although the bullish weekly close is a cautionary feature for bears. 

USD/INR daily chart

The price is range-bound on the daily chart between support and resistance, or 73.20 and 73.80 in the main. The price needs to break these levels one way or the other with a daily close or two to confirm the bias. In doing so, the next support and resistance structures will be targetted near 72.80 and 74.20.