Also, on the daily, the USDINR seems to have a cup and handle pattern with the depth of the cup being about 5 Rs. If this pattern works out, then are we looking at USD @Rs. 60 ?? !!!!!!!
As the cup is completed, a trading range develops on the right hand side and the handle is formed. A subsequent breakout from the handle's trading range signals a continuation of the prior advance.
Volume: There should be a substantial increase in volume on the breakout above the handle's resistance.
Target: The projected advance after breakout can be estimated by measuring the distance from the right peak of the cup to the bottom of the cup.
Target = 56 + 5 = 61..........