We looked at the Forex pair USDINR about a month ago in this video - http://www.youtube.com/watch?v=fdxg32iyu8o & we spoke of the recent up-trend, where it began & the support zones to look out for.
Since then we've seen the pair in a low volume sideways/stagnant phase, during which it touched exactly one of the support levels that we'd indicated in our previous video at 62.15. The older support zone, indicated above & also mentioned in the previous video, held well & has since changed. The new support zone for the Forex pair lies from 60.8 to 58.1. The reason this is a zone is because there are a number of important support variables that we see in this area. Resistances lie at 62.15, 64.85, 65.1 & a major resistance at 69.13.
We expect to see a bounce from the present levels as the new support zone, mentioned above and marked on the chart also above, is expected to hold very well. If the pair enters into this new support zone or breaches it traders/investors should thin our their positions or even exit the pair as it will turn bearish. As of now we still see the pair to be bullish i.e. the US Dollar to gain over the Indian Rupee.
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