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Technical Observations:

* USDINR February futures formed bearish candle after retracing 76.4% on daily chart, which could be a short term reversal indicator.

* However, it has been still in bullish sequence of higher top higher bottom on daily and hourly chart.

* Relative Strength Index of 14 days period heading south, after touching overbought zone indicating short term weak momentum.

* ADX line heading upward with +DI pierced above –DI indicating positive trend.

* Long unwinding has been seen with fall in price and open interest.

* USDINR February futures expected to trade in the range of 75.20 to 75.47 in today’s trade.

USDINR February Daily Chart

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