SGD/INR may rise 117 - 174 pips

63.547 is our pivot point.

Our preference

The upside prevails as long as 63.547 is support.

Alternative scenario

The downside breakout of 63.547 would call for 63.452 and 63.395.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 63.556 and 63.563).

Supports and resistances

63.916 **

63.859 *

63.803 **

63.746

63.629 last

63.585

63.547 **

63.452 *

63.395 **

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