Forex Market News

Sell USDINR Around 67.25 Target 67.05 Stop Loss 67.38

USD/INR futures traded with firm sentiments due to short covering from traders in last session. Overall trend for USD/INR futures likely to remain sideways for intraday session due to short covering. Next important resistance seen at 67.55 levels. USD/INR futures likely to trade with sideways sentiments and 67.45 will be the trend deciding level for intraday session. Lower side support seen at 67.20 levels.
Technically, USD/INR futures may witness volatile price movement at lower levels due to short covering. Applying momentum Indicator RSI for 14-day period trending at level of 29.10 levels indicates that it is now in oversold zone and short covering may come at lower levels. Technically, It formed a Double Bottom Chart pattern which may support recovery at lower levels.
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