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USD/INR

With comparatively less data releases, the traders were looking for triggers and news flow for the FX markets to find direction. The Dollar index was fairly stable and hovered around the 101.60 zone. On Monday, the USDINR pair opened on a slightly positive note and moved higher after testing a low of 81.90. the buying momentum pushed the pair above the 82.00 mark towards the end of the session. On the daily chart we can see that pair found buying interest near the 81.80 zone but remained muted and traded in the prior session range. The RSI plotted on the daily chart formed a bullish hinge near the overbought level, indicating increasing bullish momentum in the pair. In the sessions to come, we might see the 81.80 act as a support level. On the upside the immediate resistance is placed near the 82.30- 82.50 zone.

EUR/INR

The dollar heading inching higher put the other currency pairs like the Euro under a lot of pressure. During the early European trading hours, the EURUSD pair went through some hammering, this put some pressure on the EURINR Pair. After a negative open the EURINR pair remained range bound and traded between 89.90 on the downside and 90/15 on the upside. The pair continues to sustain above the its 20 and 50 day moving averages. The stochastics plotted on the daily chart can be seen continuous to hover around the overbought level, indicating presence of bullish momentum in the pair. Going by the price action the pair seems to be attracting buying interest near the 89.85 zone. This level could act as a support level in the sessions to come. On the upside the immediate resistance is paced near the 90.36, if the pair manages to breach above that level, we might see the pair head higher towards the 90.50 zone.

JPY/INR

The bond Yields moving higher after the market tilted towards a 25 BPS hike in the coming FED policy put a lot of pressure on the Yen. The USDJPY pair moved higher above the 134.00 mark. The USDJPY pair crawling higher, translated into the JPYINR pair opening with a downward gap. The pair is placed below both the 20 and the 50 day moving averages and seems to be heading lower towards the 200 day moving average. The RSI plotted on the daily chart can be seen moving lower towards the oversold zone, indicating presence of bearish momentum in the pair. The 61.00 is a very crucial level for the JPYINR pair, if we see a breach below this level, we might see further downside towards the 60.80 zone. On the upside the immediate resistance is placed near the 61.50- 61.70 zone.

GBP/INR

The market mood tilted towards the safe haven meant that the sentiment driven currency (Pound) was under a lot of pressure. The GBPINR was super volatile on Monday. In the first half the pair moved below the 101.50 mark, where it saw some buying interest which pushed it back towards the 101.80 zone During the day the pair found support at the 20 Day EMA. The stochastics plotted on the daily chart can be seen moving lower, indicating exhaustion momentum. In the sessions to come, the 102.30 mark is expected to act as a resistance level, on the downside we expect the supports to come in near the s101.20 zone.

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