SGD/INR may fall 79 - 118 pips

Our pivot point stands at 62.654.

Our preference

Under pressure below 62.654.

Alternative scenario

The upside breakout of 62.654, would call for 62.720 and 62.759.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 62.640 and 62.592). Finally, the SGD/INR is trading below its lower Bollinger band (standing at 62.583).

Supports and resistances

62.759 **

62.720 *

62.654 **

62.628

62.574 last

62.495

62.456 **

62.417 *

62.378 **

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