FX_IDC:USDINR U.S. Dollar / Indian Rupee
The USDINR currency pair charts weekly charts showing an formation at previous close by trendline channel top shows the presence of bears and could be potential reversal signal that could possibly mean it is less likely for the currency pair to move to 76 levels and beyond. The dollar index may be facing resistance before 94.7. However the weekly momentum has climbed back to bull zones second time after the cover wave one where first attempt never sustained. The weekly trend is also is bull zones but the strength bent is seen on short term that is saying that trend strength may be reducing coming days. With the US tapering that could come in soon dollar further strengthen is a threat for those trading short on this with any breakout from the current would be ugly. USDINR options strangles can be played if it breaks and hit the next resistance of near 77 levels on November monthly contracts.