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USDINR

Technical Observations:

* USDINR Jan future closed below 21 DEMA. It has been trading in a bearish sequence of lower tops and bottoms on the daily chart.

* The pair has resistance at 83.50, the downward-slopping trend line adjoining previousswing highs.

* Momentum indicator, MACD has given a positive cross over but remained below zero line. Long unwinding has been seen as the price and open interest declined.

* Short Term Trend: Neutral Expected Trading Range: 83.10 to 83.40 Intraday Recommendation: Sell USDINR Jan. Fut. at 83.33/83.41 SL 83.45 Target 83.12

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