USD/INR Price Analysis: Rupee is trapped in a 30 paise range

USD/INR is stuck in a sideways channel on the hourly chart.
A channel breakdown may accelerate the sell-off from recent highs near 72.00.

Indian Rupee is lacking a clear direction bias since Jan. 13.

The currency is largely trapped in the 30 paise trading range of 70.70 per US dollar to 71.00 per US dollar, as seen on the hourly line chart.

A channel breakdown would imply a continuation of the sell-off from recent highs near 72.00 and could bring a deeper drop toward 70.00.

On the flip side, resistance near 70.22 will likely be put to test if the channel is breached to the higher side.

Brent oil seems to have formed a temporary bottom below $64 and looks set for a notable price bounce.

If oil rises, as expected, markets will likely offer Rupee, sending USD/INR higher to resistance at 70.22.

Hourly chart

Trend: Neutral