USD to INR Forecast today 22-1-19
USD to INR has been moving in line with our given forecast. As per our trend analysis, we see that USDINR trend is up and we are forecasting usdinr pair will keep making higher tops and bottoms and keep moving higher and eventually our forecast/prediction is that rupee to the dollar will breach 75 area. There is also a possibility of USD to INR pair moving well below 75 and heading towards the 80 area but for that certain conditions need to be fulfilled hence as of now we will just work with our current prediction of rupee breaching 75 or at least in the near term not moving below 69 area and eventually moving higher than 75. I am well aware that many of you will say that last time rupee breached 75 because of the Crude oil factor which had moved towards 88 and now crude oil has colled off significantly and hence there are very few people who will understand what I am trying to communicate but the point is that we see based on the time cycles as well as usdinr charts that the trend has turned back higher, sure there will be pullbacks from time to time but our forecast remains that eventually, we see rupee breaching 75.
From a near term perspective we see that there is resistance for USDINR pair around the 72.16-71.62 and the near term support for usdinr pair is around the levels of 70.78-70.30 keep in mind that the overall trend in usdinr pair is higher and hence importers must keep booking forward contracts at lower levels while exporters must wait for higher levels and keep an open trade.
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