• USD/INR is currently trading around 67.81 marks.
   
• It made intraday high at 67.87 and low at 67.77 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 68.15 marks.
   
• Key resistances are seen at 67.99, 68.15, 68.32, 68.49, 68.63, 68.72, 68.85 and 69.52(August, 2013 high) marks respectively.
   
• On the other side, initial supports are seen at 67.67, 67.50, 67.32, 67.26, 67.19, 66.82, 66.68, 66.50, 66.28, 66.10, 65.95 and 65.81 marks respectively.
   
• In addition, India’s NSE Nifty was trading around 0.86 percent lower at 8,558.70 points and BSE Sensex was trading at 0.47 percent lower at 27,718 points.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• India will release Union Budget for the year is on February 1, 2017.
  
  We prefer to take short position on USD/INR around 67.85, stop loss at 68.14 and target of 67.67/67.50.