SGD/INR may rise 158 - 237 pips

Our pivot point is at 64.644.

Our preference

The upside prevails as long as 64.644 is support.

Alternative scenario

The downside breakout of 64.644 would call for 64.511 and 64.432.

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 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 64.704 and 64.639).

Supports and resistances

65.143 **

65.064 *

64.985 **

64.906

64.748 last

64.696

64.644 **

64.511 *

64.432 **

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