Mtechtips MCX-SX USDINR INTRADAY trading analysis 28-09-2016
MTECHTIPS Dollar/rupee ended down for the fourth-consecutive session Tuesday on overseas funds inflow into local debt market on expectations of a rate cut by the Reserve Bank of India and auction of debt investment limit for foreign institutional investors.USDINR extended its recent bearish trend and after breaching the support 66.80 settled at 66.7975 levels. A breakdown of falling wedge on the EOD chart is yet indicating for bearishness in the USDINR. Sell around 66.85-66.90 Target 66.60-66.50. Stop loss above 67.05On the upside, strong resistance is seen at 67.25 on closing basis.