Way2Wealth has come out with its report on currencies. According to the research firm, one can sell USDINR around 61.55 for target of 61.30 with a stop loss of 61.75
USDINR (61.46)
The rupee extended its fall in Friday's session after USDINR gained further strength on dollar demand on the back of gratifying US data. As a result, the pair surged higher towards 61.50 and closed near day's high. The momentum indicates that the pressure on rupee is yet to stay. However, the falling trend line near 61.60 level might act as a strong resistance. Thus we can see some consolidation near to 61.60 – 62.00 levels. On the downside support are shifted to 60.85 & 60.35 for the week.
GBPINR (103.42)
Similar to other currency pairs, GBPINR too kept on inching north in previous session and closed with huge gains of 0.70%. However, the pair is yet to clear its multiple resistances near 103.60 as shown in the chart. In addition, the mentioned resistance is accompanied by the falling trend line. On the contrary, the positive placement of momentum oscillators indicates that if the pair manages to sustain above 103.57 then we might witness an extend rally towards 104.50. On the downside, 102.93 & 102.50 will now act as crucial supports.
JPYINR (59.75)
On Friday the sharp depreciation in rupee lead the pair to close with huge gains near the 60 mark. At this juncture, it can be construed from the daily chart that JYPINR has multiple resistance near 59.80 levels. A credible move above the same might prompt strong up move towards 60.20 – 60.50 levels. On the flipside, in case of any pullback 59.35 and 59.00 might act as a decent support.
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To read the full report click here
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Sell USDINR around 61.55; target of 61.30: Way2Wealth
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