FxWirePro: USD/INR hits fresh 3-month low at 64.16 mark, stay bearish

• USD/INR is currently trading around 64.19 marks.
   
• It made intraday high at 64.35 and low at 64.16 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 64.48 mark.
   
• Key resistances are seen at 64.48, 64.62, 64.75, 64.87, 64.95, 65.12 and 65.28 marks respectively.
   
• On the other side, initial supports are seen at 64.10, 63.98, 63.85 and 63.68 marks respectively.
   
• India’s NSE Nifty was trading around 0.04 percent lower at 10,187.95 points and BSE Sensex was trading at 0.02 percent higher 33,059.65 points.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• India Nov 2017 WPI inflation y/y increase to 3.93 % (forecast 3.78 %) vs previous 3.59 %.
   
• India Nov 2017  WPI food index increase to 4.1 % vs previous 3.23 %.
   
• India Nov 2017 WPI fuel y/y decrease to 8.82 % vs previous 10.52 %.
   
• India Nov 2017 WPI manufacturing inflation decrease to 2.61 % vs previous 2.62 %.

We prefer to take short position in USD/INR around 64.20, stop loss at 64.48 and target of 63.98/63.85.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest