The pair has shown breakout of its falling trend line at 67.50 levels on daily chart. On daily chart USDINR price has retested its falling trend line at 67.20 levels. On daily chart price has taken support of its 61.80% Fib-onacci retracement levels .
A momentum indicator RSI has been trading above 40 levels, which suggest further positive momentum can be seen in the prices. In addition, momentum indicator MACD has shown positive crossover on hourly chart. So for trading perspective, one could buy USDINR in range 67.90 with SL of 67.60 for target of 68.40.
In the currency futures market, the most traded dollar-rupee December contract on the NSE ended at 68. 07. The December contract open interest rose slightly by 11.64% from the previous day. January contract open interest rose 7.10% from previous day. We expect the US$ to gain supports at lower levels. Utilise downsides in the dollar to go long on the US$INR pair.
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