The USDINR pair is likely to trade with negative bias - Monarch Networth Capital
CURRENCY TECHNICAL OUTLOOK
* The USD/INR futures pair has support at 82.30 levels whereas resistance is placed at 82.80 levels. The pair is expected to find resistance at higher level and trade weak below 82.30 level up to 82.10 and 81.90 levels.
* The EUR/INR futures pair has support at 87.90 levels whereas resistance is placed at 88.30 levels. The pair is expected to find support at lower level and trade firm above 88.30 level up to 88.50 and 88.70 levels.
* The GBP/INR futures pair has support at 99.80 levels whereas resistance is placed at 100.20 levels. The pair is expected to find support at lower level and trade firm above 100.20 level up to 100.40 and 100.60 levels.
* The JPY/INR futures pair has support at 62.20 levels whereas resistance is placed at 62.60 levels. The pair is expected to find support at lower level and trade firm above 62.60 level up to 62.80 and 63.00 levels.
CHART OF THE DAY
USDINR (DAILY CHART)
Strategy: Intraday
* USDINR pair traded with negative bias in the last trading session; and prices are trading below upward trend line.
* The pair is likely to trade with negative bias and any pullback near immediate resistance of 82.80 level should be taken as selling opportunity targeting 82.30 – 82.10 levels on lower side
* For Intraday session, it has support at 82.30 – 82.10 levels whereas resistance is placed at 82.80 – 83.00 levels
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory