• USD/INR is currently trading around 70.48 marks.
   
• It made intraday high at 70.66 and low at 70.48 marks.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 71.02 mark.
   
• Key resistances are seen at 71.02, 71.11, 71.34, 71.80, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 70.47, 70.32, 70.10, 69.76 and 69.48 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 Nifty was trading 0.15 pct lower at 11,923.20 points and BSE Sensex was trading 0.09 pct lower at 40,266.24 points.
   
• India’s Nikkei services PMI stands at 49.2 pct vs 48.7 pct previous release (expected 49.1).
  
  We prefer to take short position on USD/INR around 70.50, stop loss 70.70 and target of 70.10/69.76.