SGD/INR may rise 88 - 133 pips

Our pivot point stands at 62.225.

Our preference

The upside prevails as long as 62.225 is support.

Alternative scenario

The downside breakout of 62.225 would call for 62.150 and 62.106.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 62.197 and 62.162). Finally, the SGD/INR is trading above its upper Bollinger band (standing at 62.288).

Supports and resistances

62.512 **

62.468 *

62.424 **

62.379

62.291 last

62.254

62.225 **

62.150 *

62.106 **

Number of asterisks represents the strength of support and resistance levels.