FxWirePro: USD/INR trades in narrow range, India’s various economic data in focus

• USD/INR is currently trading around 69.38 marks.
   
• It made intraday high at 69.44 and low at 69.34 marks.
   
• Intraday bias remains slightly bearish for the moment.
   
• Key resistances are seen at 69.52, 69.85, 70.20, 70.52, 70.85, 70.97, 71.23 and 71.51 marks respectively.

• On the other side, initial supports are seen 69.34, 69.02, 68.60, 68.49, 67.88 and 67.67 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 was trading 0.64 pct lower at 11,890.55 points and BSE Sensex was trading 0.65 pct lower at 39,694.79 points.
   
• India will release manufacturing output, industrial output as well as CPI inflation data around 1200 GMT.

We prefer to take short position on USD/INR only below 69.34, stop loss 69.52 and target of 69.02.