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Last Updated : Jan 18, 2017 10:50 AM IST | Source: Moneycontrol.com

Sell USDINR; target of 67.60: Choice Equity Broking

Choice Equity Broking has come out with its report on currency. According to the research firm, one could sell USDINR in range 68.15 with SL of 68.40 for target of 67.60.


Choice Equity Broking's report on Currency

Technical View
The pair has been moving in its rising channel pattern and prices have been facing resistance of its upper band of channel pattern at 68.60 levels on hourly chart. The price has faced resistance of its horizontal trend line at 68.40 levels on hourly chart.  Moreover, prices have been trading below its 21 HSMA  which gives the sign of bullishness in the prices. A momentum indicator RSI has shown bearish range  shift at 58 levels, which suggest further negative momentum can be seen in the prices. In addition, momentum indicator MACD has shown negative crossover on hourly chart. So for trading perspective, one could sell USDINR in range 68.15 with SL of 68.40 for target of 67.60.  

Outlook
So for trading perspective, one could sell USDINR in range 68.15 with SL of 68.40 for target of 67.60.

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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First Published on Jan 18, 2017 10:50 am
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