FxWirePro: Indian rupee strengthens against U.S. dollar on robust services PMI data

• USD/INR is currently trading around 63.35 marks.
   
• It made intraday high at 63.50 and low at 63.34 marks.
   
• Intraday bias remains neutral till the time pair holds key support at 63.30 mark.
   
• Key resistances are seen at 63.55, 63.70, 63.96, 64.07, 64.15, 64.27, 64.48, 64.67, 64.78, 64.87, 64.95, 65.12 and 65.28 marks respectively.
   
• On the other side, initial supports are seen at 63.32, 63.12, 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 0.17 percent higher at 10,461.75 points and BSE Sensex was trading at 0.15 percent higher 33,845.06 points.
   
• India Dec nikkei markit services PMI increase to 50.9 vs previous 48.5.

We prefer to take short position in USD/INR around 63.37, stop loss at 63.55 and target of 63.12/62.48.

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