NIFTY View

Dollar: Ready to rise again?

USDINR
The above chart is the daily one of USDINR. After reaching highs of 69.25, $ has fallen back to 61-62 levels and is seeing some consolidation in a falling wedge pattern. The lower band of this wedge is at 60.60 levels and the upper band at 61.6-61.7 levels. A break above these levels can take $ to 64 levels. $ at 64 can hamper the ongoing rally in the markets and will make IT Sector attractive for short-term trades. Use the above mentioned levels to trade, we have already hedged our longs buy adding 63CE to our portfolio.
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