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USDINR November futures, witnessed rebound in previous session -  HDFC Securities 

USDINR

Technical Observations:

USDINR November futures, witnessed rebound in previous session taking support form the retracement levels of 61.8% at 74.12 on closing basis.

The pair is still indicating bearish trend on daily charts over sharp fall in past week.

Momentum oscillator, Relative Strength Index of 14 days period turned weak on daily chart with RSI line pierced below average line.

USDINR November futures has support at 74, and resistance at 74.40 for short term.

We expect pair to remain under pressure after initial recovery towards 20 EMA on mean divergence.

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