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Karen Jones, senior analyst at Commerzbank, suggests that the outlook for the USD/INR 1 Month NDF’s is bearish as it has failed at its 5 month downtrend at 71.57 rally and attention is on its January low at 69.44, this is now exposed.

Key Quotes

“Strong support is found at the 69.80/44 December and January lows. Once the January trough at 69.44 gives way, the July and August lows at 68.51/50 would be next in line. This area should offer strong support ahead of the 67.03 7th June low and the 200 week ma at 67.09.”

“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.”