USDINR daily chart forecast
usdinr spot or rupee against dollar on last trading session closed at 53.84 flat.on daily chart usdinr trading below all short tern average and in downtrend on account of strong rupee.on upside 53.88 is immediate resistance of weekly average above that 54.12 is month average and 54.2 is 3 month average resistance levels.on downside 53.6 and 53 is previous bottoms support zones.
on indicators side,usdinr daily cci is –109 and off the oversold zone.while usdinr daily rsi is at 42 and with sell signal.
usdinr weekly chart forecast
usdinr this week closed with loss as rupee gaining on dollar inflow.on weekly chart showing correction and consolidation phase.on upside 54.22 is 6 month average zone and major resistance on weekly chart.while on downside 53.65is 12 month average and 52.15 is 2 years average and last support on weekly chart.
this week usdinr pair made high at 54.36 while low was 53.65.almost 70 paise week volatility and sharp correction in dollar.on indicators side,usdinr weekly cci is –76 and with bearish divergence while usdinr weekly rsi is at 46 and with sell signal.
usdinr forecast for 6 to 10 may 2013
for next week below 54.2 on closing basis strategy remain sell on rise.on downside 53.6 and 53 as target target zones.if close above 54.2-54.22 zone then this may reversal signal for us dollar.
from medium to long term view,watch 53.65 on next week closing if falls below that then 52 for sure till may-june end.but if takes support of 12 month average 53.65 then may be sharp reversal rally for us dollar and upside 54.2 to 55 will be targets.