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USDINR 

Technical Observations:

* USDINR July fut finding support at 81.97, the 50% Fibonacci retracement adjoining recentswing low 80.91 and high 82.09.

* However, the momentum oscillator, Relative Strength Index of 14 days has been placed slightly below 50.

* Long unwinding has been seen in the week gone, as the price and open interest declined.

* Broadly, the pair has been trading in the range of 81.74 to 83. Asit has been near the support line, we recommend contrarian Long between 81.90 to 82 for a Target of 82.50 keeping stop loss at 81.70.

EURINR

Technical Observations:

* Our view of long unwinding has been vindicated in the week gone as the EURINR July fut corrected more than 1%. We expect the current correction to continuewith downside support at 90.30 in the coming days.

* The pair is expected to touch the middle band of the Bollinger placed at 90.83.

* Relative Strength Index of 14 days exited from the overbought zone. The MACD is about to cross the MACD average downward indicating a weaker trend.

* Short-term traders should hold the short position with SL at 91.70. In the near term, the pair hassupport at 90.30 and resistance at 91.70.

GBPINR

Technical Observations:

* GBPINR July fut retraced in the week gone after touching an all-time high of 107.90, which is nearly 138.2% of the Fibonacci extension.

* The pair has an upward-slopping trend line support at 104.70, the line adjoining swing low of 101.90 and 103.46.

* Long unwinding has been seen as the price and open interest declined.

* The pair is expected to touch the support line of 104.70 and breaking it will pave the way for 104.10, the 100 DMA while on the upside 107 remains nearterm obstacle to cross.

JPYINR

Technical Observations:

* JPYINR July fut unable to give trend reversal and headed back to June low.

* The price is placed below the short-termmoving average.

* Relative Strength Index of 14 days pierced below 50 indicating a negative momentum. MACD is placed near a zero line and swinging lower suggesting a weak trend.

* Derivative data indicating long unwinding in the week gone as price and open interest declined.

* Looking at the above technical evidence, we recommend covering long and going for short sell on the bounce at 58.70 keeping a stop loss at 59.90 for a target of 57.

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