Forex Market News

Buy USDINR Strategy 66.74 – 66.76; target of 67.00

US dollar index is trading at 96.10 , continuing with the appreciation as markets remain worried about the banking troubles in the EU and also on the possibility of a stronger than expected non – farm payrolls data on Friday .
There was no major data from the US yesterday but comments from FED member Mester , who said that the rates have to rise in November added to the US dollar strength . ADP employment data and non – manufacturing ISM would be reported and would act as a prelude to the non – farm payrolls data on Friday . We expect cautious gains in the US dollar today.
USDINR Oct futures opened slightly down after falling sharply in the previous session from its declining trend line resistance . Prices consolidated for the whole session in the range of 66.70 – 66.80. Prices are expected to fall further from this level towards 66.40 and 66.10 levels as sideways down trend is still in place. Strong resistances are placed at 67 and 67.20 levels. Sell o n rise is recommended for short term.
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