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USD/INR

With the FED policy getting closer and the FED members in the blackout period, the slightest triggers are bringing in major moves in the currency pairs. We saw some up move in the EURUSD pair after the German ifo Business Climate, resulting in a fall in the dollar index After a flattish open near the 82.10 mark, the USDINR pair witnessed major hammering, which pushed it below the 82.00 mark As of now the pair is placed below the 20, 50 and the 200 Day EMA. 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 pair is expected to find resistance near the 82.20 zone. On the downside we might see support come in near the 81.80 zone.

EUR/INR

The German ifo Business Climate, showed improvement, in the bloc’s economic health. It also suggested that the Euroarea might be able to avoid a technical recession. To add to it we also had a few EcB members giving out hawkish hints, which helped the EURO strengthen against the US Dollar The EURINR, has finally managed to move above the 90.15 mark a level which has been acting as a resistance level since the past 5 sessions. The pair is placed above the 20 and the 50 Day moving averages, indicating presence of bullishness in the trend. The RSI plotted on the daily chart can be seen drifting higher, indicating increasing bullish momentum in the pair. Going by the price action the pair could very well move towards the 90.50- 91.00 mark. On the downside we might see the pair head lower towards the 89.80 level.

JPY/INR

The USDJPY pair has been moving in a range between (133 and 135) since the past couple of sessions. Today the it bounced off the 133.80 mark and rallied higher above the 135 zone. The USDJPY rallying higher translated into the JPYINR pair opening on a negative note near the 61.20 zone. The pressure on the Yen continued through out the session and the JPYINR pair ended the day near 61.90 zone. The pair as of now is heading lower towards the 200 day EMA which is placed near the 60.80 zone. The RSI plotted in the daily chart can be seen heading lower towards the oversold zone, indicating presence of bearish momentum in the pair. Technically, we expect supports to come in around the 200 day moving average. On the upside we might see the resistance come in near the 61.00-61.20 zone.

GBP/INR

With the lack of data release from the UK economy, the GBP majorly followed the direction of the Dollar index. The GBPINR pair on Monday attempted to head higher towards the 102.40 zone, but failed to gain momentum and printed a low of 101.76. As of now the GBPINR pair seems to be heading lower towards the 20 Day EMA (101.60). The RSI plotted on the daily chart can be seen getting flattish as the pair broadly moves between 101.40 and 102.40. Technically, the GBPINR is consolidating, on the downside we might see the pair find support near the 101.30 zone and on the upside the resistance is placed near the 102.40. Looking at the price action the pair seems to be trading with a bearish tilt, if the pair breaches below the 101.30, we might see a sell off being triggered which could take the pair lower towards the 100.50.

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