FxWirePro: USD/INR hits fresh 2-month high at 69.68 mark, faces immediate resistance at 69.97 mark

• USD/INR is currently trading around 69.62 marks.
   
• It made intraday high at 69.68 and low at 69.16 marks.
   
• Intraday bias remains bullish for the moment.
   
• Key resistances are seen at 69.97, 70.42 and 71.02 marks respectively.

• On the other side, initial supports are seen at 69.16, 68.85, 68.66, 68.52 and 68.31 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.  Current upside movement is short term trend correction only.
   
• India’s NSE was trading 0.45 pct higher at 11,028.26 points and BSE Sensex was trading 0.48 pct higher at 37,196.55 points.

We prefer to take long position on USD/INR around 69.55, stop loss 69.20 and target of 70.42.