USDINR in a Range
USDINR after breakout on 28th Feb 2020 from the level of 74.55, had moved to 76.40 and is moving in a rising channel from 24th March 2020 onwards.
It has spent more time near the higher end of the channel showing strength in the USD. However, volatility is high and USD slides to the lower end of the
channel when Nifty shows strength (such as last week when Nifty closed higher above 9800) and USD came down to below 75 briefly. It has rebound from
support to close at 75.75 on Friday in the international market. Higher move is expected to take it up to 77. BTW it faces resistance @ 75.90 (9 days and 18
days ema) and then @76.40.
It has spent more time near the higher end of the channel showing strength in the USD. However, volatility is high and USD slides to the lower end of the
channel when Nifty shows strength (such as last week when Nifty closed higher above 9800) and USD came down to below 75 briefly. It has rebound from
support to close at 75.75 on Friday in the international market. Higher move is expected to take it up to 77. BTW it faces resistance @ 75.90 (9 days and 18
days ema) and then @76.40.
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