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Technical Observations:

USDINR Sept fut. erased the previous day’s gain but managed to close above 10 DEMA. The pair has strong support at 82.95, the 21 DEMA, which coincides with the upward-slopping trendline. Momentum Oscillator, RSI of 14 days period is pierced above 50. DMI is strengthening with +DI placed well above –DI. Short buildup has been seen as the price fell while the open interest rose. Short Term Trend: Bullish Expected Trading Range: 83 to 83.40 Intraday Recommendation:Buy USDINR Sept. fut. At 83.15 & 83.10 SL 83.00 Target 83.40

USDINR Sept Futures Daily Chart

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