Sell USDINR; target of 63.70: Choice Equity Broking

Choice Equity Broking's currency report on USDINR

Technical View: On a weekly chart, the pair has given the breakdown of its horizontal channel pattern at 66 levels and price has faced the resistance of its horizontal trend line at 65.30 levels on a daily chart. Moreover, prices have been trading below its 50 DSMA which gives the sign of bearishness in the prices. A momentum indicator RSI has remained below 40 levels, which suggest the possibilities of further downside in the prices. In addition, momentum indicator MACD has shown negative crossover which suggests further downside momentum can be seen in the prices. So for trading perspective, one can sell USDINR in the range of 64.20 with SL of 64.45 for the target of 63.70  levels.

Outlook
So for trading perspective, one can sell USDINR in the range of 64.20 with SL of 64.45 for the target of 63.70  levels.

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