USD INR weekly forecast 24-28 Feb. 2014

USD INR spot daily chart technical analysis for 24 to 28 February 2014

USD INR spot on Friday’s session closed at 62.01 with loss. On daily chart, USD/INR trend and momentum are mixed suggesting correction and consolidation. In last session prices closed below all short-term averages but on weak volume and weak price action. Daily chart indicators are with bearish divergences suggesting downside for US dollar in next week.

For next week, USD/INR support zones are 61.8 and then 61.2 while on upside expect strong resistance at 62.4 and 63.4. Traders below 62.15 on closing basis keep short view for USD/INR future for downside targets in next week. Weak dollar index and dollar inflow in market will continue to support Indian rupee.

USD INR spot weekly chart technical analysis for 24 to 28 February 2014

USD INR spot this week closed with gain. This week USD/INR low point was at 61.73 while high was at 62.43. Total 70-paisa weekly range and closed with gain. On weekly chart, USD/INR is still holding its 6 month average support and given positive closing.

From medium to long-term view, 61.6 and 60 will remain as strong weekly closing basis support zones for USD/INR. These are 6 month and 12 month average levels respectively.

On upside 62.8 and then 64 are strong resistances as well as target zones for upcoming weeks. Weekly chart indicators are bearish but near supports so next week USD/INR closing will be very crucial for going long or short with medium to long-term view.

Investors and swing traders above 61.6 keep long view and use any correction to go long with strict stop loss.

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Pramod Baviskar

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