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MARKET EYE-USD/INR's inverse H&S could trigger sharp gain-analyst
March 7, 2013 / 8:17 AM / 5 years ago

MARKET EYE-USD/INR's inverse H&S could trigger sharp gain-analyst

* An inverse head and shoulders pattern in USD/INR could trigger a sharp upmove if the pair breaks and stays above the neckline of 55.40 for about two weeks, India Forex Advisors said in a note. * "In case this pattern holds true and the prices break above 55.40 on a consistent note, say for two weeks, then we might see a wild move in the Indian rupee going forward and we can easily target 57-58 levels," it added. * Still, that may be a big if, given a broad look at recent performance shows that inverse head and shoulders haven't particularly held for currency markets in recent months. * To see the graphic click on: link.reuters.com/jug56t (Reporting by Swati Bhat; Graphic by Christine Chan in SINGAPORE)

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