Technical Analysis of Indian Equities by Nooresh

USD – INR crosses 57 – What next

The short term technical view on USD – INR now. Seems the short term channel target will be done.

 

USD INR -2

 

Now comes the more important longer term chart.

Below is a little older chart not factoring the current rise.

 

USD INR weekly chart

 

On the weekly charts the max we can be looking at 59. Given the negative divergences in the current move beyond 57.3 the rise can continue over next few days and form a major top.

Post the move to 58.5-59 we can expect a slow meltdown back to 55-56 levels.

 

Good part is we tend to see markets bottoming out with such spikes of USD INR. We will be updating a major update  on Nifty in coming few days. Levels we are looking at is 5770/5850 as important support zones.

 

Nooresh Merani

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Article by Nooresh Merani

Nooresh has written 2595 articles.

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