Forex Market News

Buy USDINR Around 67.10; Target Of 67.90

USDINR Nov futures opened strongly higher with gap in a highly volatile session prices rose for most of the session and closed near days high around 67.42. Prices have broken out from its declining trend line of the triangle candlestick pattern and closed above the breakout level which is suggesting further upside in the pair till next strong resistances placed around 67.90 and 68.20 levels. Strong supports are placed around 67.10 and 66.80 levels.
US dollar index is trading at 99.94 , remaining upbeat in this week as well as investors continued to bet on rising interest rates and inflation in the US . Longer term interest rate of the 30 year US government bonds moved above the 3% mark yesterday, sending investors to scramble for dollar. This trend is likely to continue until the FOMC meeting in December where the FED is expected to raise rates by 0.25%.
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