NiveshDaily Currency | October 31, 2014 :: IndiaNivesh

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USDINR ( November Future)
Succinct Summary of Previous Day
 Dollar/rupee settled up by 0.19% at 61.77 on Thursday
supported by the Federal Reserve policy which
expressed confidence in US growth signaling that an
earlier than expected hike in interest rates was possibly
on the anvil.
Technical Review
After hitting a high of 61.87, USDINR saw a consolidation
at 61.75 levels on Thursday. In near term bullishness
could expect towards 62.27 levels only above the near
term resistance of 61.95, else pair may show 61.65-61.55
on downside before the next bullish rally. Risky traders
may sell at 61.85-61.80 for target of 61.65-61.55 stop loss
61.95 (CMP 61.76).

EURINR ( November Future)

Euro fell to over three-week month Thursday on fear of rate
hike taking place sooner than earlier expected after the
Federal Reserve showed confidence in the recovery of US
economy.
Euro/dollar settled at $1.2592 compared to previous close
of $1.2636/euro. The pair rose to as high as $1.2639/euro
in intraday trades and fell to $1.2581/euro, lowest since Oct
7. Today, it may show $1.2513 next support levels.
Technical Review:
A long bearish candle stick formation on EOD chart coupled
with negative crossover in between RSI 14 and its 9 SMA is
indicating for bearishness in EURINR while bearishness in
EURUSD which is trading at $1.2584 may add intraday
selling activities in EURINR. Hence, traders may sell 77.80-
77.75 target 77.50-77.25 stop loss 78.00.


LINK
http://www.indianivesh.in/Admin/Upload/635503428565398750_Nivesh%20Daily%20Currency%2031st%20Oct%202014.pdf