USDINR daily chart analysis
USDINR spot on last session closed at 61.82 with loss. On daily chart, US dollar now turned bearish against Indian rupee. USDINR pair is now trading below all short-term averages and heading towards previous lows. USDINR daily chart indicators are bearish and reflecting us dollar bearishness. On chart 62-62.2 is major average zone and remain as strong resistance above that next resistance zone will be at 63 while on downside expect some support at 61.4 and then 60.9. These will be also targets for next week with stop loss above 62.2.
USDINR weekly chart analysis
USDINR spot this week closed with loss. This was third negative week for US dollar against rupee and in these 3 weeks dollar tumbled from 63.7 to now 61.8. This week USDINR high was 62.48 while low was at 61.68. Total 80 paisa or 1.6% weekly range and closed with loss.
USDINR on weekly chart is testing its 6-month average of 61.6. For next week that will be major level to watch for weekly closing. Closing below that means deep correction up to 60 to 57.5. However, reversal from this level will show 63-64 levels again and fundamentally, we expect more chances of reversal for US dollar. USDINR weekly chart indicators are bearish and near supports. Therefore, from swing trader’s view, USDINR is at wait and watch level.