SGD/INR may fall 78 - 117 pips

Our pivot point is at 62.346.

Our preference

The downside prevails as long as 62.346 is resistance.

Alternative scenario

Above 62.346, look for 62.411 and 62.451.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 62.305 and 62.314).

Supports and resistances

62.451 **

62.411 *

62.346 **

62.320

62.274 last

62.196

62.157 **

62.118 *

62.079 **

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