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USD/INR

Despite the economic calendar being empty, the US Dollar continues to slide, and the dollar index slid below the 99.80 after facing rejection near the 100.00 mark. The USDINR pair also reacted to the fall in the Dollar index and moved lower towards the 82.00 mark. For the 3 rd session straight the pair faced rejection near the 82.20 zone and witnessed a sell off in the pair. The RSI plotted on the daily chart can be seen heading lower towards the oversold zone, indicating presence of bearish momentum in the pair. Going by the price action the pair is expected to face rejection near the 82.20- 82.30 zone. On the downside we might see the support come in near the 82.00-81.80 zone.

EUR/INR

The softer Dollar has been acting as a major support for the EURUSD pair which in turn held the EURINR pair near the 92.00 mark. During the day the pair printed a high on the opening tick and then consolidated for the rest of the session in a tight 12-15 paisa range. On the daily chart we can see that the pair formed a string bearish candle after it printed a high of 92.50. The RSI plotted on the daily chart can be seen slightly bending lower in the overbought zone, indicating exhaustion in the bullish momentum in the pair. Technically, the pair is in the uncharted territory, so we might as well look at psychological levels for resistance, which in this is 92.50 followed by 93.00. On the downside we might see the supports placed near the 92.00 mark, if the pair breaches below the 92.00 we might see it head lower towards the 91.00 mark.

JPY/INR

The softer dollar pushed the USDJPY pair lower, towards 138.00 mark. This has pushed the JPYINR pair higher towards the 60.00 mark. From the price action point of view, the JPYINR pair seems to be facing rejection near the 60.00 mark. Looking at the price action the pair has been moving in a tight range since the past three sessions. The RSI plotted on the daily chart can be seen flattening in the overbought zone, indicating exhaustion in the bullish momentum in the pair. Technically, the pair is expected to face resistance near the 60.00 zone. On the downside the immediate support is placed near the 59.20 followed by 58.70 are expected to act as a support level.

GBP/INR

The softer Dollar and the interest rate differential continue to keep the GBPUSD pair on the boil. Despite a gap down open the pair failed to follow through and traded in a tight 27 odd paisa. On the daily chart we can see the 1st lower high candle patterns in about 13 sessions. The RSI plotted on the daily chart has formed a bearish hinge near the overbought level, indicating exhaustion in the pair. Technically, the pair is expected to face rejection near the 108.00 mark in the sessions to come. On the downside the supports are placed near the 106.50 mark, a breach below the 106.50 mark can be the first trigger for a possible trend reversal in the strong up move that we have seen recently.

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