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USDINR

Technical Observations:

* USDINR July fut. took support at 81.70, the 61.8% of Fibonacci retracement.

* It has resistance at 82.27, the 21 days exponential moving average.

* Broadly, the pair has been oscillating between 83 to 81.50 since February.

* Momentum Oscillator, RSI of the 14 days is placed below 50 and exhibiting weakness.

* MACD is positioned below the zero line with a negative cross-over.

* The rise in prices and fall in open interest has been observed, signifying short covering.

* The pair is expected to trade lower within the range of 81.70 to 82.10. However, the bias remains bearish as long as it trades below 82.25.

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