Dollar rupee future Jan. 2017 forecast

Dollar rupee future Jan. 2017 forecast

Usd inr future above 68.05 remain buy January targets 68.7-69.3

Dollar rupee future this week closed at 68.09 with loss. After last week’s strong rally we saw some profit booking in usd inr pair as well as RBI intervened market at higher levels.   Usd inr future daily chart price trend and momentum both are bullish and dollar is trading near major support of 68.05. Above 68.05, usd inr January month outlook remain bullish for positional swing targets of 68.7 and then 69.3. Daily closing below 68.05 on strong price action and volume will set downtrend for US dollar for positional bearish targets of 67.45 and below.   Dollar rupee weekly chart is strong bullish and suggesting long term weak rupee and stronger dollar. Above 67.75 on weekly closing basis, expect strong US dollar and longer term targets up to 69.4 and then 70.8+.

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Pramod Baviskar

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