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Technical Observations:

USDINR

* USDINR October fut. formed a Doji Candlestick pattern indicating indecisiveness among traders.

* The pair is trading well above the shortterm moving averages and has resistance at 83.38, the upper band of the Bollinger Band.

* Momentum oscillator, Relative Strength Index of 14 days is placed in an overbought zone and flattening lacking directional momentum.

* MACD and DMI both are well placed indicating the medium-term uptrend.

* Short covering has been seen with minor gain in the pair and a fall in open interest and volumes.

* USDINR Oct. fut. is expected to trade within the range of 82.10 to 82.85 with positive bias.

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