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USD/INR

Monday was a PMI data driven day, and the speculators were very cautions to speculate, after the initial selloff in the USDINR pair. After a negative open the USDINR pair tanked and tested a low of 81.83 in the first 30 minutes of trading. From a daily point of view, the pair formed a small bodied candle with a long lower wick, indicating buying interest near the 81.80 zone. The RSI plotted on the chart remains flat, indicating lack of momentum in the pair. Technically, we expect the pair to face rejection near the 82.15-82.20 level immediately. On the downside we have been seeing strong buying interest near the 81.80 zone. This could act as a support level in the sessions to come.

EUR/INR

The PMI data release from the EU missed analysts estimates, but the traders were patiently waiting for the US PMI data. The EURINR pair opened on a positive note, but the selling pressure in the USDINR pair pushed it lower. During the day the pair slid lower and tested the 89.20 zone. The EURINR pair formed a small bodied candle, with long upper and lower wicks, indicating indecision among the traders. The RSI plotted on the daily chart, can be seen hovering around the 50 mark, indicating lack of momentum in the pair Technically, in the sessions to come, we expect the pair to face rejection near the 89.50-89.60 zone. On the downside we expect the pair to find support near the 89.10-89.00

JPY/INR

The USDJPY pair failed to correct despite the softer dollar, and that took a toll on the JPYINR pair. The pair opened From the price action point of view, the JPYINR has been forming a lower low lower high pattern. During the day the pair tested a low of 56.88. The RSI plotted on the daily chart, can be seen moving lower, indicating presence of bearish momentum in the pair. Technically, the pair is expected to face resistance near the 57.30 zone. On the downside the immediate support is placed near the 56.60 zone.

GBP/INR

This week there are no major market moving data releases from the UK economy, so the GBP was majorly driven by the trend and the direction of the US Dollar. After a positive open, the fall in the USDINR pair weighed on the GBPINR pair and we saw the pair slide lower towards the 103.75 during the session. The RSI plotted on the daily chart can be seen flattening near the 50 zone, indicating lack of momentum in the trend. Technically, in the sessions to come we might see the pair find resistance near the 104.00-104.20 zone. On the downside the supports are placed near the 103.70 mark, if the pair breaches below the 103.70 mark we might see it head lower towards the 103.50-103.30

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