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Technical Observations:

USDINR March futures took support at a lower line of the downwardslopping channel.

The pair is closed above 21 DEMA.

Though it has recovered in the past three days, the medium-term trend remained bearish as long as it trades below 83.20.

Momentum Oscillator, RSI of 14 days indicated a short-term bounce as it has been heading higher.

Short Term Trend: Short Covering

Expected Trading Range: 83.15 to 82.90

Intraday Recommendation: Buy USDINR Mar. Fut. at 82.99 SL 82.89 Target 83.14

USDINR March Futures Daily Chart

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