FxWirePro: USD/INR trades in narrow range, consistent close below 68.31 requires for downside rally

• USD/INR is currently trading around 68.43 marks.
   
• It made intraday high at 68.49 and low at 68.41 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 68.55 mark.
   
• Key resistances are seen at 68.55, 68.80, 69.10, 69.38 and 69.85 marks respectively.

• On the other side, initial supports are seen at 68.31, 68.12, 67.88, 67.47, 67.26 and 66.60 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 0.34 pct higher at 11,626.55 points and BSE Sensex was trading 0.33 pct higher at 39,023.44 points.

We prefer to take short position on USD/INR only below 68.31, stop loss 68.55 and target of 67.88.