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USDINR

The Lack of data release from the US economy and the RBI policy just around the corner kept the USDINR pair a bit muted The USDINR opened on a slightly negative notes and then hovered around the 82.60 zone for the rest of the session. The RSI plotted on the daily chart can be seen getting flattish near the reference line, indicating As of now the pair continues to trade above the major moving average, indicates presence of bullishness in the pair. The RSI plotted on the daily chart can be seen flattening around the reference line, indicating lack of momentum in the pair. In the sessions to come we might see the pair find resistance near the 83.00-83.10 zone. On the downside the 82.40 is a very crucial level to watch for, if the pair breaches below this level, we might see a move towards the 82.20.

EUR/INR

The Euro since the past few sessions has been majorly dependent on the direction of the Dollar. So during the day when the Dollar index faced rejection near the 104.30 and moved below the 104.00 mark the Euro started its up move. The EURINR pair, in the first half tanked and moved lower towards the 88.28, from where we saw strong buying in the pair which took it higher towards 88.60 towards the end of the session. The pair continues to remain below the 20 and the 50 day moving averages, the RSI plotted on the daily chart can be seen flattening near the oversold level, indicating exhaustion in the bearish momentum in the pair. In the sessions to come, we expect the resistance to be placed at 88.80-89.00. On the downside we expect the support to be placed near the 88.20.
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JPY/INR

The USDJPY pair hovering around the 140.00 mark has forced the JPYINR pair in a range. The JPYINR pair since the past couple of sessions has been trading in a tight range between 59.70-59.10 zone, since the past couple of session. As of now the pair seems to be finding support near the 200 day moving average which is placed near the 59.00 zone. In the sessions to come we might see the pair find resistance near the 59.70-60.00 zone. On the downside the important support is placed near the 59.00-58.70 zone.

GBP/INR

The GBPINR pair has been consolidating between 102.00 and 103.00 since the past 7 weeks. On Wednesday, the GBPINR pair opened on a negative note and then strongly pulled from the day’s low of 102.43 which also happens to be placed near the 50 day EMA. The RSI plotted on the daily chart can be seen forming a bullish hinge near the reference line indicating increasing momentum in the pair. In the sessions to come, the 103.00-103.30 mark is expected to act as a resistance level. On the downside we might see the supports placed near the 102.40-102.20 zone is expected to act as a support.

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