FxWirePro: Indian rupee strengthens sharply against U.S. dollar, hovers around fresh monthly low at 64.03 mark

• USD/INR is currently trading around 64.09 marks.
   
• It made intraday high at 64.25 and low at 64.07 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 64.25 marks.
   
• Key resistances are seen at 64.25, 64.48, 64.60, 64.82, 64.98, 65.09, 65.18, 65.34, 65.52 and 65.80 marks respectively.
   
• On the other side, initial supports are seen at 64.03, 63.95, 63.65, 63.47 and 63.36 marks respectively.
   
• In addition, India’s NSE Nifty was trading around 0.72 percent higher at 10,094.50 points and BSE Sensex was trading at 0.66 percent higher at 32,595.60 points.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   

We prefer to take short position in USD/INR around 64.15, stop loss at 64.25 and target of 64.03/63.65.

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