USD INR daily chart technical analysis
USD INR spot last closed at 61.81 with loss. On daily chart, USD/INR price trend and momentum both down. Daily chart indicators pattern also suggesting this trend will continue in next week.
For next week, USD/INR support zones are 61.45 and below that 60.8 while on upside expect strong resistances at 62.1 and then 62.4. 62.1 is USD/INR 3 month average and below it, traders keep short view for US dollar. Equity inflow and RBI interventions will continue to push rupee on upside and US dollar on downside. For short positions, stop loss must be above 62.1.
USD INR weekly chart technical analysis
USD INR this week closed with loss. This week USD/INR high was at 62.16 while low was at 61.72. Total 44 paisa or 1% weekly price swing for rupee and is closing with gains against US dollar. On weekly chart, USD/INR price trend is up but momentum is losing out as correction phase continues.
On downside 61.65 is first major support and USD/INR 6 month average and below that 60.15 is 12 month average and major long-term support level. On upside, 62.8 and 64 are strong resistances and remain as long-term targets for US dollar.
Next week closing below 61.65 means deep correction up to 60 rupee for US dollar. Nevertheless, if USD/INR holds above it then it will be buying opportunity with strict stop loss.