USD/INR: A major top in place, target around 66.80 - Commerzbank

Analysts at Commerzbank, point out that the USD/INR closed below the 68.80/69.13 zone, completing a major top.

Key Quotes: 

“We have numerous 13 counts on the daily, weekly and monthly charts.”

“Price has reacted back to major support 69.13 (August 2013 high) and the 68.80 (November 2016 high), which has now been eroded. A close below here has been seen, which completes a major top and targets initially 66.82/73, 200 week ma and the 2011-2019 uptrend. This will act as the break down point to 66.14 the 55 week ma then 63.27 January 2018 low.”

“A major top has completed. A negative bias will remain entrenched below the 71.87 4th, February high.”