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Forex Update

USDINR: Compared to last week USDINR has ended 5 bps negative. After making a high of 62.9950 it has given week on week negative close of 62.4150, suggesting a bearish downside range for coming week.

Going ahead we can see huge supply as the demand on the upside is capped at 62.80 and the force of supply can be till 61.80 to 61.

USDJPY: After making double top formation at level of 122 USDJPY has given two weekly negative reversals up to 118.30. the bearishness in USDJPY will be remain intact in coming week, any decisive close below 118 level we can see a sharp fall in USDJPY up to 116/112 in coming period.

USDRUB: Earlier day USDRUB has closed at 57.34 with hammer candle pattern after making a fresh low of 55.95. The close with hammer candle pattern suggesting a positive reversal in USDRUB up to 62/65  levels in coming week.

Previously it has almost tested 61.8% retracement at 69.23 level and didnt sustain and it reversed down to 57.84 level at 23.6%. We are expecting bounce back rally in USDRUB up to 62/65 in coming week from this levels.

{March 28, 2015}

Disclaimer:All information given here is largely based on technical analysis which is highly dynamic in nature and relevant only at a particular point of time. Users are advised to pursue these recommendations only at their own risk and first consult their personal investment advisor when making investment decisions. We are not liable and we take no responsibility for any loss that you incure by trading/investing on our recommendations. these study are posted for educational purpose only.

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