INR is looking extremely
interesting at the current juncture. INR is forming a large inverse head and
shoulder pattern on charts. If this pattern has to come true than INR will
fall/consolidate between 60 -64 levels for next few months before breaking out
above the neckline and proceeding towards 70 levels. If in any circumstance INR falls below 60 than
this pattern would be rejected and something else would be happening in INR.
After continuously strengthening
against USD for last 6 years, it seems Yuan is also looking ripe for an up move/devaluation
against USD.
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