USD/INR: Bearish outlook – Commerzbank

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.”