Mtechtips MCX-SX USDINR INTRADAY trading analysis 27-07-2016
MTECHTIPS USDINR retraced from the day high 67.8275 and tested 67.6125 before closing at 67.6325 levels. On the EOD chart pair failed to close above 38.2% Fibonacci Replacement of its previous fall. Near term resistance is seen at 67.85 and sustain trade above only will expect to test 67.99-68.10; else every rise towards 67.75-67.80 could attract short term selling activities.Dollar index, which weighs greenback against a basket of six currencies, traded higher during Asian trade Wednesday and traded at 96.33 compared to 96.15 seen on Tuesday as policy makers in Washington prepared to release decisions on interest rates and after release of upbeat economic data. As members of the FOMC gathered in Washington DC for the start of the two-day meeting, participants received their last chance to review a slew of incoming economic data before Wednesday’s vote.Meanwhile, investors across the globe also await the Bank of Japan’s monetary policy meeting decision due on Friday.