The Rupee weakened as weak Asian stock markets raised the specter of more foreign fund outflows. U.S. Dollar had very quiet trading day with the US away for Presidents day. Risk aversion in Asia and Europe kept the Dollar well supported but the market is awaiting Obama’s speech on Wednesday in which he will outline his new Mortgage Support Plan. Looking ahead for February NY Fed Manufacturing forecast at -24 vs. -22.2 previously. NAHB Forecast to remain at 8 in February.
Technical Outlook:
USDINR chart pattern indicates a bullish move for the day . Stochastic is seen trending up supporting the bull view . Trading range is expected between 48.85 - 49.15.With good support at 48.80 level and key resistance at 49.20 levels break of which will see 48.39 for the day. Currency is trading above the moving average and has tested the upper Bollinger level but caution required as market is trading in the overbought levels.
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