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Mtechtips MCX-SX USDINR INTRADAY trading analysis 18-10-2016

Monday, October 17, 2016 22:56
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Mtechtips MCX-SX USDINR INTRADAY trading analysis 18-10-2016

MTECHTIPS Dollar/rupee little changed while the dollar index plunged as investors booked profits taking advantage of a sharp rise in the dollar on Monday amid reassessing hopes of a Federal Reserve rate increase in the near term post disappointing US economic data.USDINR saw a consolidation around 66.95 levels and settled at 66.9775, up 0.24%. However, pair yet remained below the strong resistance 67.25 level which has been hold since 3 Oct 2016. In near term, 67.25 will act as a massive resistance and sustain trade above only will create probability for upside move towards 67.45-67.65, else consolidation around 67.00-66.85 likely to continue.



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