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Technical Observations:

* USDINR July futures posted freak high of 79.53 and closed at highest level.

* The pair has been holding bullish sequence of higher top higher bottom.

* It has support of 21 days exponential moving at 78.28.

* Derivative data is indicating fresh long position with surge in price and open interest.

* Relative Strength Index of 14 days about to enter overbought zone with positive crossover.

* +DI is placed well above –DI and ADX line strengthening indicating bullish trend.

* USDINR July futures likely to trade higher with resistance at 79 and support at 78.27.

USDINR July Daily Chart

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