jayadrath
Short

USDINR bearish until major market trigger as Halkish Fed policy

FX_IDC:USDINR   US DOLLAR / INDIAN RUPEE
32 0 0
In the light of better US jobs data, simultaneos dovish fed policy in near term plus the positive sentiment in the Indian economy owning to better monsoon, 7th pay commission, possible GST             Bill passing has led to a bullish INR             as also seen from the charts.
For USDINR             , resistance levels are 67.35, 67.50 & 68.00 while support levels are 66.50, 66.00 & 65.70

One should go short on any relief rally until 67.30.
67.25 July Calls can be written with low risk.
Comment: After reaching a high of 67.41 the dollar has again resumed its bearish journey. Likely to consolidate above 66.50 before a possible dip again
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