usd inr future might test support 65.85

NSE usd inr Sep expiry future is trading at 66.06 with almost 1% drop. As us dollar get soft and no fed rate hike we are seeing emerging market currency rally. Risk on environment push rupee higher and dollar inflow in equity market also supporting it.
Technically, usdinr pair is going through correction and on downside 65.85 is major support level for future and expect usdinr future to test it in intraday or -12 trading sessions. On upside 66.25,66.41 and 66.65 are strong resistances as well as fresh short entry zones on bounce back.
On weekly chart, usdinr future is topped out and suggest deep downside up to 64.7 in medium terms. In very bullish environment, 63.9 is extreme downside medium term target for dollar rupee future. This will be second weekly loss for us dollar if closes below 66.6.

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Pramod Baviskar

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