After a smart run up, conversion rate rally stopped near the upper end of a channel and with a
breakdown action it tumbles to crucial support band 54/54.8. This band proved as a crucial support
region and has also confirmed the shift of a channel with lowering down the degree. Now, until $
sustains 54-54.8 support band, it is likely to maintain its strength. Breaking below 54 on closing basis
may lead to a sharp recovery in Rupee in later part.
Confirmation criteria: Conversion rate should sustain below trend line support and a recently broken
resistance region 56/56.30
For major downward action: Rate must drop below 54/54.80 and RSI should move below 50 mark. One
can expect a sharp cut only on satisfying both these requirements.
MAJOR SUPPORTS: 54.80—54/54.15—52.60/52.70
MAJOR RESIATANCES: 56/56.45--57.50—58—59
breakdown action it tumbles to crucial support band 54/54.8. This band proved as a crucial support
region and has also confirmed the shift of a channel with lowering down the degree. Now, until $
sustains 54-54.8 support band, it is likely to maintain its strength. Breaking below 54 on closing basis
may lead to a sharp recovery in Rupee in later part.
Confirmation criteria: Conversion rate should sustain below trend line support and a recently broken
resistance region 56/56.30
For major downward action: Rate must drop below 54/54.80 and RSI should move below 50 mark. One
can expect a sharp cut only on satisfying both these requirements.
MAJOR SUPPORTS: 54.80—54/54.15—52.60/52.70
MAJOR RESIATANCES: 56/56.45--57.50—58—59
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