FxWirePro: Indian rupee trades marginally higher against U.S. dollar, India’s WPI inflation data in focus

• USD/INR is currently trading around 63.37 marks.
   
• It made intraday high at 63.47 and low at 63.28 marks.
   
• Intraday bias remains bearish till the time pair holds immediate resistance at 63.62 mark.
   
• Key resistances are seen at 63.62, 63.75, 63.96, 64.07, 64.15, 64.27, 64.48, 64.67, 64.78, 64.87, 64.95, 65.12 and 65.28 marks respectively.
   
• On the other side, initial supports are seen at 63.17, 63.10, 62.84, 62.67, 62.48 and 61.96 marks respectively.

• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• India’s NSE Nifty was trading around 0.71 percent higher at 10,757.70 points and BSE Sensex was trading at 0.70 percent higher 34,829.89 points.
   
• India will release WPI inflation data at 0630 GMT.

We prefer to take short position in USD/INR around 63.40, stop loss at 63.55 and target of 63.17/62.84.

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