SGD/INR may fall 129 - 185 pips

Our pivot point is at 61.587.

Our preference

The downside prevails as long as 61.587 is resistance.

Alternative scenario

Above 61.587, look for 61.681 and 61.737.

Comment

The RSI is below 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 61.577 and 61.666).

Supports and resistances

61.737 **

61.681 *

61.587 **

61.550

61.512 last

61.383

61.327 **

61.271 *

61.215 **

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