FXWIREPRO: Indian Rupee Falls Ahead of CPI Data, Intraday Bias Remains Neutral
- USD/INR is currently trading at 66.43 marks.
- It made intraday high at 66.44 and low at 66.30 levels.
- Intraday bias remains neutral for the moment.
- A daily close below 66.48 will drag the parity down towards 66.32, 65.02 and 65.96 levels thereafter.
- Alternatively, reversal from 66.30 will take the parity up around key resistances at 66.54/66.86/67.18 levels respectively.
- Later today, India will release CPI data. Market anticipates CPI to fall to 5.00% m/m vs 5.18% m/m previous release. On the other side, industrial production data likely to rise around 1.0% m/m vs -1.5% previous release.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
The material has been provided by InstaForex Company - www.instaforex.com