Karen Jones, analyst at Commerzbank, suggests that the USD/INR 1 Month NDF has fallen out of bed again but not before its rally from its January low at 69.44 took it to its current February high at 72.21.
Key Quotes
“The rally this week has also faltered ahead of the 72.21 high and we will maintain a negative bias. This high was made close to the 72.33 November 8 low and the December peak at 73.01. As long as this level isn’t overcome on a daily chart closing basis, we will stick to our medium-term once again bearish outlook.”
“Above 73.01 lies the September high at 73.49. Strong support is found at the 69.80/44 December and January lows.”
“If the January trough at 69.44 were to give way, the July and August lows at 68.51/50 would be next in line. This area should offer strong support.”
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