FxWirePro: USD/INR exhibits range bound movement, bias remains bearish

• USD/INR is currently trading around 67.56 marks.
   
• It made intraday high at 67.86 and low at 67.53 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 67.97 mark.
   
• Key resistances are seen at 67.97, 68.10, 68.50, 68.68, 68.83 and 68.98 marks respectively.
   
• On the other side, initial supports are seen at 67.45, 67.25, 67.02, 66.80, 66.68, 66.42, 66.30 and 66.16 marks respectively.

• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• India’s NSE Nifty was trading around 0.42 percent lower at 10,588.80 points while BSE Sensex was trading 0.36 points lower at 34,825.88 points.

We prefer to take short position in USD/INR around 67.60, stop loss at 67.87 and target of 67.02.

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