USDINR daily chart technical analysis
USDINR spot on last trading session closed with huge gains with sharp short covering and heavy demand from market. Last closing price was 62.72. After breakout, US dollar taken support at 61.9 and heading towards previous tops. For next week 62 is major support on downside and closing basis stop loss for long positions. On upside expect resistance at 63 and then 63.4. Above 62 traders must keep buy on dips trading strategy for USDINR future. On indicators, CCI is in overbought zone so expect some correction ahead which will be buying opportunity for traders.
USDINR weekly chart technical analysis
USDINR this week closed with gains. On weekly chart, US dollar had taken support at its 6-month average level of 61.45 and given positive closing. This is buy signal from medium term view and on downside, 61.4 will be weekly closing stop loss for swing traders. On upside previous top of 64 and 67 will be strong resistance level and targets for US dollar against Indian rupee. 59.75 is USDINR 12 month average level and major support zone on weekly chart. Indicators also suggesting bullish reversal and in next 1-2 weeks we may see 64 level on chart.