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Indian Rupee Likely Stronger in Near Term - Chart

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General News
Wednesday, May 7, 2014
        0550 GMT [Dow Jones] USD/INR has just entered a bearish trajectory on the daily chart, having closed below 60.10 on Tuesday and thereby activating the Bollinger downtrend channel. The U.S. dollar could easily fall to the base of the channel at 59.79 before aiming for the weekly technical support at 59.42. USD/INR appears bearish on the weekly chart as well, trading underneath the Ichimoku Cloud resistance zone and inside the weekly Bollinger downtrend channel. The U.S. dollar continues to languish due to low U.S. government bond yields, but also because of the euro's overnight rally - triggered by optimistic eurozone PMI data released Tuesday. USD/INR is now 60.05 versus its Tuesday close of 59.97. (ewen.chew@wsj.com)
        (END) Dow Jones Newswires

        May 07, 2014 01:50 ET (05:50 GMT)

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