USD/INR Price Analysis: Focus on 10-day MA

• USD/INR's hourly chart is reporting a channel breakout. 
• The bulls need a sustained move above the 10-day MA. 

USD/INR jumped 0.17% on Friday, confirming a sideways channel breakout on the hourly chart. 

The breakout indicates the sell-off from the monthly high of 72.12 has ended. The pair, however, needs to close above the descending or bearish 10-day moving average (MA) to confirm a reversal higher. 

Currently, the 10-day MA is located at 71.23. A failure to hold above the key hurdle would invalidate the breakout on the hourly chart and shift risk in favor of a re-test of 70.90.  A move through that support could bring additional losses toward 70.6990 (Jan. 14 low). 

Hourly chart

Daily chart

Trend: Bearish

Technical levels