USD/INR Price Analysis: Bulls struggle in face of softer US dollar / yields

• USD/INR bears step in and take on the bullish commitments. 
• USD/INR daily support is giving way and daily resistance plays its role. 

USD/INR is losing its bullish allure as it takes a trip to beneath what would have texted to be a reliable level of the support structure. The price had been advancing over the course of the last several weeks, but the resistance has proven to be a tough nut to crack. The price is now taking on the bullish commitments and pricing below a critical Fibonacci retracement level as follows:

USD/INR daily chart

As illustrated, the 61.8% is under pressure but the battle has just begun. There is still room for a correction deeper before the bulls might get squeezed out entirely: