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Technical Observations:

* Spot USDINR is placed at 10 DEMA. The formation of a small body candlestick pattern suggests consolidation.

* The formation of higher tops and bottoms supporting the dollar bulls.

* The Relative strength index of 14 days remained positive and is currently placed at 57.

 * Trend indicator MACD is flattening with the MACD average and a negative histogram exhibiting a sideways trend.

* Minor short covering has been seen as the price gained by 0.04% while open interest declined by 3.1%.

* The trend remains bullish for the pair as long as it holds the support of 82.80.

* USDINR Sep fut may consolidate between 83.25 to 82.95 with positive biasin today’strade.

USDINR Sept Futures Daily Chart

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