FxWirePro: Indian rupee rises noticeably against U.S. dollar, hits highest level since April 04

• USD/INR is currently trading around 68.77 marks.
   
• It made intraday high at 68.79 and low at 68.63 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 69.10 mark.
   
• Key resistances are seen at 69.10, 69.38, 69.85, 70.20, 70.52, 70.85, 70.97, 71.23 and 71.51 marks respectively.

• On the other side, initial supports are seen at 68.60, 68.49, 67.88 and 67.67 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 was trading 0.32 pct higher at 11,955.55 points and BSE Sensex was trading 0.30 pct higher at 39,956.44 points.

We prefer to take short position on USD/INR only below 68.60, stop loss 69.10 and target of 68.49/67.88.