FxWirePro: Indian rupee strengthens noticeably against U.S. dollar, bias remains bearish

• USD/INR is currently trading around 69.54 marks.
   
• It made intraday high at 70.42 and low at 69.34 marks.
   
• Intraday bias remains bearish till the time pair holds immediate resistance at 70.42 mark.
   
• Key resistances are seen at 70.42, 70.85, 70.97, 71.23 and 71.51 marks respectively.

• On the other side, initial supports are seen at 69.22, 68.92, 68.49, 67.88 and 67.67 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• India’s NSE was trading 2.37 pct higher at 11,678.55 points and BSE Sensex was trading 2.40 pct higher at 38,830.79 points.

We prefer to take long position on USD/INR around 69.40, stop loss 68.95 and target of 70.42/70.97/71.23.