FxWirePro: USD/INR hovers around 65.50 mark, downside limited

• USD/INR is currently trading around 65.45 marks.
   
• It made intraday high at 65.62 and low at 65.45 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 65.85 marks.
   
• Key resistances are seen at 65.72, 65.85, 65.98, 66.20, 66.46, 66.68 and 66.79 marks respectively.
   
• On the other side, initial supports are seen at 65.44, 65.26, 65.12, 64.82, 64.64, 64.53 and 64.29 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• India’s NSE Nifty was trading around 0.53 percent higher at 9,911.55 points and BSE Sensex was trading at 0.55 percent higher 31,668.50 points.

We prefer to take short position in USD/INR around 65.52, stop loss at 65.72 and target of 65.20.

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