Mecklai Graph of the day – USD/INR Double top in making

Above graph is a daily chart of USD/INR from May 2014 to October 2014

USDINR has been moving in a higher highs and higher lows formation which is a positive sign and is been moving precisely in an upward sloping channel. On 1st October 2014 the pair made a high of 61.94 followed by 16th October where it surged till 61.93 levels, thus forming a double top. A double top is been separated by minimum in price, a valley which in the above case was made on 9th October 2014 at 60.90 levels. It is imperative for prices to breach the level of 60.90 to complete the double top pattern which can drag prices lower till 59.86 levels which is the target of the pattern. Failure to do so will again push prices higher till 61.90 levels followed by 62.20 levels as the lower trend line of the channel will provide support to it.