Daily Forex Report by www.epicresearch.co 1st February 2013

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indore, India (prHWY.com) February 1, 2013 - HEADLINES
Rupee falls from 3-1/2 month high vs dollar
The rupee is trading at 53.36/37 versus its previous close of 53.30/31, falling sharply from the day's high of 53.07,which was its strongest since Oct. 18.Traders say gains in the dollar versus most other Asian currencies seen hurting sentiment for the rupee. Month-end dollar demand from oil firms are also adding to the downward pressure on the rupee. Domestic shares were trading down 0.4 percent, boosting the pair further.
Rupee trims initial gains vs dollar, still up by 9 paise
The rupee trimmed its initial gains against the American currency but was still quoted up by nine paise to 53.21 per dollar on mild selling of dollars from banks and exporters in view of persistent capital inflows from foreign funds.
TRADING TIPS
* SELL USD/INR
* BELOW 53.39
* FOR TGT
* 53.24/53.09
* SL 53.59
PAST PERFORMANCE
* SELL USD/INR
* BELOW 53.52
* FOR TGT
* 53.37/53.22
* SL 54.72
TARGET ACHIEVED

DAILY USD/INR CHART
ANALYSIS
OPEN: 53.4950
HIGH: 53.5850
LOW: 53.2550
CLOSE: 53.3925
* USD/INR LOOKS DOWNWARDS
* TREND: BEARISH
* STRATEGY: SELL ON RISE

DAILY EUR/INR CHART
ANALYSIS
OPEN: 72.4525
HIGH: 72.5800
LOW: 72.2250
CLOSE: 72.2775
* EUR/INR LOOKS DOWNWARDS
* TREND: BEARISH
* STRATEGY: SELL ON RISE


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