After a sustained period of strength in
the USD, the technical indicators suggest that of late it is giving up against
the INR, even if for a brief spell. However, the overall bullish structure of
the USD is intact as yet.
The INR will stay weak against the USD for
as long as it trades above the 59.301 mark in which case it might flare up to as
much as 61.599.
Traders are advised to go long on USD
with stop loss at 59.291 and book profits at 60.535. They may also consider
adding fresh long positions if the USD trades above 61.612 mark and ride it
with stop loss at 60.599.
They may consider buying INR only if it
trades conclusively below 59.167.
Disclaimer: The
writers of this column do not personally hold any position in the currency
market and do not intend to benefit in any way by publishing this column. The
final discretion is that of the reader and we disown any responsibility for any
loss incurred by the reader.
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