USD is currently trading at record high against INR. The probability is quite high that the currency might reverse direction from the current levels and slip to 53 in the near term (3-4 months) and to 50 in the long term (8-9 months). If, on the other hand, the currency breaches 56.5, (probability seems quite less), it might surge towards 57.8.

1. TECHNICAL RESEARCH
24th May 2012
USDINR: Is the upmove over..?
Nishu Agarwal
nishu.agarwal@bmastock.com
INR: 2012
The trend line resistance stands around 56.20, close to the recent high around 56.3875 (as on 24/05/2012 1:00 pm)
The upmove of INR is projected from 48.6 (Nov 2011) to 54.3 (Dec 2011).
138.2% Projection: 56.50 - Close to the recent high around 56.3875 (as on 24/05/2012 1:00 pm).
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2. Technicals
INR: 2008
In 2008, we saw a similar move where the currency dropped after reaching close to 138.2% projection levels (52.09). It
slipped to 45.3 in a year after that.
Given the proximity to the resistance levels around 56.2-56.5, and referring to the price movement in 2008 probability is
quite high that the currency might reverse direction from the current levels and slip to 53 in the near term (3-4 months)
and to 50 in the long term (8-9 months).
If, on the other hand, the currency breaches 56.5, (probability seems quite less), it might surge towards 57.8.
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