USD INR forecast 9 to 13 June 2014
USD INR daily chart technical analysis
USD INR spot on last trading session closed at 58.92 with loss. On daily chart, us dollar is in down trend against rupee and trading below all short-term averages. For next week, USD INR is bullish and expects technical bounce back after some weakness. On downside 58.5 and 58 are strong support zones while on upside 59.2 is 1 month average and first resistance and then 59.9 is 3 month average and major short term trend resistance. Daily chart indicators are mixed. Traders here keep buy on dips view strict stop loss below 58 for target 59.2 and then 59.9 in next week.
USD INR weekly chart technical analysis
USD INR spot this week closed with loss. This week USD INR hit low at 58.86 while high was at 59.42. Total 56-paisa weekly range or almost 1% volatility and closed with loss on fresh shorts. USD INR weekly chart price trend is up but momentum is weak for dollar. On downside 58 is 24 month average and major long-term support below it 56 rupees will be next support level. On upside 60 rupees is 12 month average and first resistance and 60.4 is next resistance as well as its 6 month averages. Weekly chart indicators are off the lows.
Investors above 58 rupee keep long view for us dollar.