FxWirePro: Indian rupee trades marginally higher against U.S. dollar, faces strong resistance at 64.27 mark

• USD/INR is currently trading around 64.09 marks.
   
• It made intraday high at 64.27 and low at 64.04 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance 64.27 mark.
   
• Key resistances are seen at 64.27, 64.40 and 64.58 marks respectively.
   
• On the other side, initial supports are seen at 64.02, 63.87, 63.70, 63.48, 63.38, 63.27, 63.18, 63.10, 62.84, 62.67, 62.48 and 61.96 marks respectively.

• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• India’s NSE Nifty was trading around 0.66 percent lower at 10,689.70 points and BSE Sensex was trading at 0.97 percent lower 34,723.78 points.
   
• India Nikkei/IHS markit services PMI rose to 51.7 in Jan (50.9 in Dec); 3-month high.
   
• India Nikkei/IHS markit composite PMI (manufacturing and services) declined to 52.5 in Jan (53.0 in Dec).

We prefer to take long position in USD/INR only above 64.27, stop loss at 64.02 and target of 64.58.

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