Forex Market News

Buy USDINR Around 66.90; Target Of 67.20

US dollar index is trading at 97.23 , continued to remain beaten down as markets remained nervous before the US elections . FOMC statement was a nonevent as per expectations . The statement was slightly hawkish, with two members wanting an immediate hike . FED has acknowledged the improving economic conditions and markets continue a 70 % chance of a FED hike in December . Expect the weakness in the US dollar to remain as we inch closer to the election date.
USDINR Nov futures opened slightly higher and prices rose till intraday high of 67.11. Prices fell later in the remaining session and made a low of 66.99. Prices have taken support after breaking out from its short term declining trend line and downward moving channel. Prices are expected to rise further from these levels towards next strong resistances placed at 67.20 and 67.50 levels. Strong supports are placed at 66.90 and 66.70 levels.
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