Trading strategy for the coming week: buy on dips at around 61.80 levels with stop loss of below 61.50 levels for the upside target range of 62.60
USD/INR Chart" title="USD/INR Chart" width="600" height="650">
The USD/INR pair once again failed to sustain above the 62.50 levels and witnessed intense selling pressure which dragged it down to 62 levels. At current prices, it is taking support at central line of Bollinger Bands at around 61.98 levels.
Meanwhile, the momentum indicator RSI is hovering near the 50 zone, and is failing to generate any strong signal. As we move forward, the trading range for the USD/INR is expected to be between the levels of 61.60-62.60. However, the overall momentum remains slightly tilt towards the upside. The trading strategy for the coming week would be to buy on dips at around 61.80 levels with stop loss of below 61.50 levels for the upside target range of 62.60.