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| USDINR Daily Chart |
On Daily time-frame in technical charts rupee is signalling bullish
trend which may continue for this month end.RSI at 50 still suggest the pair is
not oversold and more correction in dollar can be seen in coming sessions.
After a strong opening on Monday, rupee touched 53.91 and thereafter falls to
54.53 after Cyprus fallout news and uncertain political event grip the market
nerves in last going week. As per charts 54.03 could be the first hurdle to
breach and after that 53.82 could be seen on charts. Ideally rupee is posing
rally towards 53.57 if dollar fails to hold the gains against major currencies,
it made in recent days. On the other side strong support around 54.32/54.51 is visible.
As per charts rupee is more likely to trade in a tight narrow range of 53.92/54.51
in coming session. Only a breakout on either range will confirm next price
action in rupee. Forming of Head and Shoulders pattern also suggest a breach of
53.97 and closing below to this level will further weak dollar against rupee on
daily timeframe in technical charts. On the flip side buying in dollar by Oil
Marketing Company due to higher oil prices and political uncertainty can put
some pressure on rupee and technically correction in rupee beyond 54.41 can
lead the pair towards 54.67/71.
Complied By : Amit Daga
Please read the disclaimer posted in earlier post.The above mentioned view is for information purpose and not for any trading decision.
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