Possibilities of a continued upmove emerges from the higher time frame charts. Once the key resistance zones around 97.95 was overcome the we observe that the strong breakout above the key resistance zone
around 97.81 has generated some positive momentum in the currency basket. With the bullish
trends getting restored we need to see how long can the momentum sustain . Considering the overall chart setup we are of the opinion that the brief pullback shall continue to witness some buying interest. Momentum setup continues be positive suggesting sustained bullishness in the coming days. With DX
biding time to get a hold on the overall situation we could be witnessing some sedate movement for the next few days. With the momentum continuing to favor more upside one should be looking at higher levels around 99.81 in the next few days. A bullish
dollar scenario does not spell good news for INR
despite the markets showing some mixed reactions.
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