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Karen Jones, senior analyst at Commerzbank, suggests that further sideways trading is on the cards points for the USD/INR 1 Month NDF after it’s rally from its January low at 69.44 has taken it to its current February high at 72.21 before falling to its current February low at 70.66.

Key Quotes

“The 72.21 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 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.”