dollar rupee daily chart technical analysis
dollar rupee or usdinr spot currency pair last closed at 65.23 with loss.on daily chart usdinr trading below week average of 66.2 and heading towards supports of month average 64.6.below that 61.75 is 3 month average major short term support.on upside week average and 67-68.5 are major resistance points.
on daily chart usdinr cci is +42 and with bearish divergence while rsi is at 58 and off the high.
dollar rupee weekly chart technical analysis
dollar rupee currency pair this week closed with loss.this was first losing week for dollar after straight last 3weeks huge gains.this week usdinr made high near 68.6 while low was near 65.total 3.6 rupee week range and closed with sharp correction.
on weekly chart usdinr topped out at 67 and now moving towards major average support zone.on downside 54.5 to 59.5 zone is major averages zone and remain to be strong support level for long term.
in between 64 and 61 are intermediate support levels.on indicators cci is +187 and in overbought zone while rsi is at 70 and off the highs.
dollar rupee forecast for 9 to 13 sep 2013
for next week,below 66.2 traders can hold short positions for target of 64 and then 61.if close above 66.2 then traders must exit shorts and can take long view for target 68-69.but as fundamental turning around we may see this sharp correction may continue on downside.and also equity inflow will support rupee that why sit tight on short side.
from medium to long term view,next 2-4 week expect correction and consolidation and may be dollar may find support in between 61-64 zone.if slips below 61 then expect 59-57 levels as downside target.on longer term qe3 tapering and war fear remain as overhaul on rupee.crude oil prices remain major concern for indian economy.