Indian Rupee strengthened early after a sharp fall to a record low of 52 per dollar in the previous session. Market is awaiting further cues from stock.U.S. Dollar continued to find strength in adversity as investors flooded into the safe have with fresh 12 year lows in US stocks. The Dow broke 7000 and fell sharply to 6800. ISM Manufacturing gained slightly to 35.8 vs. 35.6 previously. Looking ahead for January Pending Home Sales are forecast to fall -3% vs. +6.3% previously.
Technical Outlook:
USDINR chart pattern indicates a bear rally for the day. With the trading range between 51.20-51.95 levels. With good support seen at 51.10 levels and break of which would take the currency to 50.80 key resistance at 52.00 levels. Stochastic is seen trending down giving indication of a small downward correction and market is also at overbought level currency is expected to take support at 51.17 as gap filling.
No comments:
Post a Comment