dollar rupee forecast for 23 to 27 sep 2013

dollarrupeedailychartfor23to27sep2013

dollar rupee daily chart technical analysis

dollar rupee spot pair last closed at 62.66 with gains on last trading session.on daily chart trend is bullish but on week momentum going through strong correction.

on chart trading near major support level of 62.1.which is also 3 month average while on upside 62.95 is week average while 63.75 is month average and both remain as strong resistances.above that 65 and 66.5 are also strong short term resistances.closing below 62 means downtrend for pair and uptrend for rupee.

on indicators,dollar rupee pair cci level is –113 and near oversold zone so expect bounce back? while rsi is below 50 and with sell signal.

 

dollar rupee weekly chart technical analysis

dollar rupee this week closed with loss and this was 3rd week of losses for dollar.in these 3 weeks tumbled from 69 to almost 62.7 rupee loss and heading towards support levels.

on weekly chart,64-67 are resistances on upside.on downside 59.8 is 6 month average and first support on weekly chart.below that 57.4 is 12 month average and 54.8 is 2 years average and both remain as strong support from long term view.

on indicators,usdinr cci level is +79 and off the highs and suggesting correction may continue in upcoming time.while rsi is at 62 and showing correction.

dollar rupee forecast for 23 to 27 sep 2013

for next week,dollar rupee pair above 62 remain buy with stoploss for bounce back upto 64 on upside.while closing above 64 means uptrend resumed for new high?as last trading session closed with gains expect may continue upside bounce back rally?below 62 if sustain open fresh shorts for target 59-57.

from medium to long term view,dollar rupee may find support near 58-60 zone and then may show some upside upto 64-65.so right now keep short open created on upside for target 60-58 on downside and cap profit with trailing stoploss.

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Updated: 21/09/2013 — 8:52 AM

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Pramod Baviskar

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