Sell USDINR; target of 63.90: Choice Equity Broking

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Choice Equity Broking's currency report on USDINR

Technical View:
On a daily chart, the pair has been trading in falling channel formation from past few weeks and faced the resistance of its upper band of the channel at 64.50 levels. Moreover, prices have been trading below its 50 DSMA which gives the sign of bearishness in the prices. A momentum indicator RSI has faced resistance of its horizontal trend line at 50 levels, which suggest the possibilities of downside in the prices. In addition, momentum indicator MACD has shown negative crossover which suggests downside momentum can be seen in the prices on a daily chart. So for trading perspective, one can sell USDINR in the range of 64.35 with SL of 64.55 for the target of 63.90 levels.

Outlook
So for trading perspective, one can sell USDINR in the range of 64.35 with SL of 64.55 for the target of 63.90 levels.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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