USDINR Analysis

Dollar is near all time high against INR, and is following an uptrend channel from last six months. At this point 77.580 and 77.707 levels will act as crucial resistance. If it crosses 77.707 level then we may see new highs. But any negative price action below 77.580 level we may expect some downward move. In that case 77.350 will act as major support followed by trend lines at daily chart. In daily Time frame RSI was showing some weakness but at current scenario it may take support at 60 level from where we may also see a bounce back. A possible uptrend line is also present which is visible at 1 hour time frame