• USD/INR bull flag plays out as expected ahead of the FOMC.
• Bulls will be looking for signals of a correction to the upside and an eventual bullish breakout. 

As per the prior analysis, USD/INR Price News: The bull flag continues to play out, eyes on the downside, the price has indeed moved in on the support and lower bounds of the bullish flag. Given the nature of a bullish flag, the expectations would now be for a move higher. However, there could be some more downside to go before this occurs. 

USD/INR daily chart

As illustrated, the price of the rupee is meeting a layer of support which could lead to an upside correction in accordance with the bullish flag and ultimately lead to a breakout. However, the US dollar is going to be under the spotlight over the course of this week throughout data that could go one way or the other and set the tone for the foreseeable future. In a negative outcome for the dollar, USD/INR would be expected to drop below the flag's dynamic support and potentially lead to a significant bearish continuation.