Moneycontrol
Jan 12, 2017 10:57 AM IST | Source: Moneycontrol.com

Buy USDINR; target of 68.80: Choice Equity Broking

Choice Equity Broking has come out with its report on currency. According to the research firm, one could buy USDINR in range 68.30 with SL of 68.00 for target of 68.80.

Choice Equity Broking's report on Currency

Technical View
The pair has been moving in its rising channel pattern  and prices have been taking support of its lower band of  channel pattern at 67.90 levels on hourly chart. On hourly chart price has taken support of its 61.80%  Fibonacci retracement levels. Moreover, prices have been trading above its 21 HSMA  which gives the sign of bullishness in the prices.  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 68.30 with SL of 68 for target of 68.80.  

Outlook
So for trading perspective, one could buy USDINR in range 68.30 with SL of 68.00 for target of 68.80.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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