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FxWirePro: USD/CNY downtrend loses steam, remains on bearish path 
- USD/INR is currently trading around 72.58 marks.
- It made intraday high at 72.79 and low at 72.58 marks.
- Intraday bias remains slightly bearish till the time pair holds key resistance at 72.70 mark.
- Key resistances are seen at 72.70, 73.02, 73.24, 73.48 and 73.66 marks respectively.
- On the other side, initial supports are seen at 72.50, 72.12, 71.50, 71.33, 71.13, 70.63, 70.47, 70.22 and 69.94 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 Nifty was trading around 0.14 percent higher at 11,083.20 points while BSE Sensex was trading 0.02 points higher at 36,649.82 points.
We prefer to take long position on USD/INR only above 72.80, stop loss at 72.50 and target of 73.24.
