SGD/INR may fall 110 - 165 pips

Our pivot point is at 61.795.

Our preference

The downside prevails as long as 61.795 is resistance.

Alternative scenario

Above 61.795, look for 61.887 and 61.942.

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 61.732 and 61.722). Finally, the SGD/INR has penetrated its lower Bollinger band (61.699).

Supports and resistances

61.942 **

61.887 *

61.795 **

61.758

61.698 last

61.588

61.533 **

61.478 *

61.423 **

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