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Technical Observations:

* USDINR June futures took support at middle band of the Bollinger Band at 77.95 and headed towards an upper band of the Bollinger band i.e. 78.25.

* The pair has been trading in bullish sequence of higher top higher bottoms on all time frames.

* Derivative data is indicating short covering as price rises and open interest declined.

* Relative Strength Index of 14 day oscillating around overbought with upward directions.

* MACD has flatten on daily chart indicating consolidation in up trend.

* USDINR June futures is expected to trade in the range of 77.90 to 78.40 with bullish bias.

USDINR June Daily Chart

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