Mtechtips MCX-SX USDINR INTRADAY trading analysis 01-02-2016 Mtechtips USDINR failed to hold its gain for second consecutive week and retraced from the high of 68.5575 after the Bank of Japan introduced negative interest policy to fight the slowdown, while dollar index rebounded from the low 98.45 and settled at 99.60. Initially, dollar index was tumbled towards 98.45 in response to the Federal Reserve’s dovish policy statement, where interest rates remained unchanged.Technically, USDINR having strong resistance of 68.75 which is coincide with 161.8% Fibonacci Retracement of previous swings and it’s expect that any rise towards 68.45-68.55 could attract huge selling pressure unless pair gives a closing above 68.75. On the other hand, a break above 68.75 on a daily closing basis may pave the way for a test 69.00-69.45. Sell around 68.45-68.55. Target 68.10-67.75. Stop loss above 68.75 (LTP : 68.10) Or Buy above 68.80 Target 69.10-69.40. Stop loss below 68.55 WWW.MTECHTIPS.COM 07489294118-119

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Mtechtips MCX-SX USDINR INTRADAY trading analysis 01-02-2016

Mtechtips USDINR failed to hold its gain for second consecutive week and retraced from the high of 68.5575 after the Bank of Japan introduced negative interest policy to fight the slowdown, while dollar index rebounded from the low 98.45 and settled at 99.60. Initially, dollar index was tumbled towards 98.45 in response to the Federal Reserve’s dovish policy statement, where interest rates remained unchanged.Technically, USDINR having strong resistance of 68.75 which is coincide with 161.8% Fibonacci Retracement of previous swings and it’s expect that any rise towards 68.45-68.55 could attract huge selling pressure unless pair gives a closing above 68.75. On the other hand, a break above 68.75 on a daily closing basis may pave the way for a test 69.00-69.45.

Sell around 68.45-68.55. Target 68.10-67.75. Stop loss above 68.75 (LTP : 68.10)

Or Buy above 68.80 Target 69.10-69.40. Stop loss below 68.55

WWW.MTECHTIPS.COM

07489294118-119

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