December 8, 2016

Mtechtips MCX-SX USDINR INTRADAY trading analysis 07-10-2016

MTECHTIPS Dollar/rupee ended near one-week high Thursday on dollar demand from oil importers and the dollar index traded up during early Asian trades Friday after jobless claims unexpectedly fell last week near a 43-year low indicating strength in the labour market which may ignite hopes of a rate hike by US Federal Reserve this year.The greenback surged, hitting its highest level in more than two months, after data showed the number of Americans filing for unemployment benefits unexpectedly fell last week to near a 43-year low.Technical, after hitting a low 66.7150, USDINR saw slightly pullback towards 66.86 and settled at 66.84 up 0.16%.   Since, 3 Oct 2016, pair struggling to break its immediate resistance 67.10 which is coincide with 61.8% Fibonacci Retracement which yet creating probability for weakness in days to come.On the other hand, strong resistance is seen at 67.25 and pair would need to trade above 67.25 in order to test 67.55-67.70.

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