FxWirePro: USD/INR remains well supported above 64.00 mark, bias remains bearish

• USD/INR is currently trading around 64.13 marks.
   
• It made intraday high at 64.21 and low at 64.10 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 64.25 marks.
   
• Key resistances are seen at 64.25, 64.32, 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 64.02, 63.95, 63.75, 63.62, 63.48, 63.36 and 63.11 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• India’s NSE Nifty was trading around 0.65 percent lower at 9,840.15 points and BSE Sensex was trading at 0.71 percent lower at 31,570.25 points.
   
• India will release forex reserves, bank loas growth and deposit growth data at 1200 GMT.

We prefer to take short position in USD/INR around 64.15, stop loss at 64.25 and target of 64.02/63.95/63.75.

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