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USDINR

After a lot of compromise the Debt ceiling deal was finally in place. The Dollar seems to give a cold reaction to the news as the traders were more focused on the FED’s next move with respect to the interest rates, and the NPF data this week. The USDINR traded in a tight 15 Paisa range through out the session, as the traders avoided speculative bets. If we were to go by the price action, USDINR pair found support near the 82.60 zone, which happens to be placed around the 20, 50 and 200 Day EMA. The RSI plotted on the daily chart has formed a bullish hinge near the reference line, indicating presence of bullish momentum in the pair. In the sessions to come we might see the resistance come in near the 82.90-83.00 zone. On the downside we expect the 82.50-82.60 zone to act as a support

USDINR – DAILY CHART

EURINR 

The German and the French markets were shut on Monday, so the EURINR pair was majorly driven by the price action in the US dollar. The pair moved in a tight 20 paisa range through out the trading session. The EURINR, pair has been heading lower since the past couple of sessions. The price action suggests that the pair is moving lower towards the 88.50-88.30 zone. The RSI plotted on the daily chart can be seen moving lower, indicating presence of bearish momentum in the pair. The pair is trading with a bearish tilt, on the upside we might see the resistance come in near the 89.00 zone, and on the downside the major support is placed near the 88.50- 88.30 zone

EURINR – DAILY CHART

JPYINR 

The USDJPY pair stalled its up move near the 141.00 zone, this seems to have helped the JPYINR pair, to hold on to the 59.00 mark. The JPYINR pair opened with negative gap and immediately tested a low of 59.14. during the rest of the session it did drift higher but failed to gain enough momentum to breach above the 59.34 zone. Going by the price action the pair is placed near the 200 Day EMA and the RSI plotted on the daily chart suggests presence of bearish momentum in the pair. In the sessions to come we might see the pair find resistance near the 59.50 zone. On the downside the important support is placed near the 59.00 zone

JPYINR – DAILY CHART

GBPINR 

The market mood was the major driver of the Pound. On Thursday the GBPINR pair witnessed a major gap down and open below the 50 day EMA, placed at 102.27. After a gap down open the pair attempted to move higher but faced strong rejection near the 102.30 zone, so in the sessions to come this level could act as a make or break level. The RSI plotted on the daily chart can be seen moving lower towards the oversold zone, indicating increasing bearish momentum in the pair. In the sessions to come, the 102.30 mark is expected to act as a resistance level, on the downside the immediate support is placed near the 102.00, if the pair breaches below the 102.00 zone, we might see the sell off accelerate which could take the pair lower towards the 101.70 zone

GBPINR – DAILY CHART

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