USD to INR daily chart technical analysis
USD to INR spot pair on last trading session closed at 59.84 with loss. On daily chart, USDINR price trend and momentum both are bearish as rupee fundamentals as well as outlook is improving.
For next week, USD to INR support zones are 59.5 and 59 while on upside expect resistances at 61 which is 1 month average and then 61.5 which is 3 month average level. Daily chart indicators pattern are bearish but in oversold zones so expect technical bounce back ahead.
Traders with trailing stop loss of 60.2 can hold shorts but downside is limited on oversold state.
USD to INR weekly chart technical analysis
USD to INR spot pair this week closed with huge losses as rupee sees strong inflows. Bearish breakout below 12-month average is happen in this week, which is occurred with strong price action and volumes so significant. Pair is now trending towards 2 years average levels but technically oversold.
This week USD to INR hit high at 61.02 while low was at 59.74. Total 1.28-rupee intraday range or 2%+ swing and closed with loss. This was fifth losing week for US dollar and in these 5 weeks tumbled from 62.2 to now 59.4.
On weekly chart, 58.5 and 57.55 are strong supports for US dollar while on upside 60.25 is first resistance of 12 month average and 61.4 will be second one which is 6 month average level. Indicators are still bearish but oversold.