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USDINR

USDINR opened with a downward gap, in the initial half the pair moved lower and tested the 82.65 mark, strong buying was seen from this level which pushed the pair higher towards 82.90 zone. On the daily chart USDINR has formed a small bullish candle with a long lower wick, indicating strong buying pressure near the 82.60 zone. Despite the volatility USDINR remained in the previous session range and formed an inside candle. The USDINR pair not only found support at the 20 day SMA but also managed to bounce off it. Technical View Currency Index CMP % change S2 S1 P R1 R2USD/INR (Future) 82.85 -0.01% 82.57 82.71 82.79 82.93 83.01Daily Report17 March 2023bounce off it. As of now the pair has shown signs of sustaining above the 82.50 mark, so in the sessions to come we might see the pair attempt to move higher towards the 83.00- 83.10 zone. The daily strength indicator RSI and momentum oscillator Stochastic both in the positive territory and the moving higher, hint towards the presence of bullish momentum in the pair.

EURINR

After the wild moves on Wednesday, the EURINR pair continued to trade with a slight negative bias, the main reason behind this was the anxiety among the traders with respect to the recent liquidity crunch in the banking system.On Thursday after a slight positive open, the selling pressure took over and the pair not only moved but also closed below the 88.00, and ended the sessions with a mild loss. If we observe the pattern formation of the past three sessions, we can see the pair has formed a lower low lower high pattern after forming a bearish engulfing pattern on Wednesday. The RSI has flattened near the 50 level, which shows a bit of momentum exhaustion in the pair. Technically, we the support for the pair is placed near the 87.50 and the resistance is placed near the 88.30 zone.

JPYINR

It was yet another good sessions for the JPYINR pair, as the tanking US 10 year bond yields, helped the Yen. After a positive open the pair did go through some sell off, but managed to bounce off the 62.15 mark to end the session near the high with a gain of 36 odd paisa. JPYINR is moving in a Higher Top and Higher Bottom formation since the past couple of sessions, indicating temporary up move in the pair. JPYINR is sustaining above its 20 day SMA, but did find some resistance near the 50 Day SMA. The daily strength indicator RSI and momentum oscillator Stochastic both are in GBPINR opened on a slightly flat note and remained volatile throughout the sessions courtesy changing risk sentiment because of the liquidity driven banking fiasco. GBPINR closed at 99.86 with a loss of 15 odd paisa. On the daily chart GBPINR has Index CMP % change S2 S1 P R1 R2GBP/INR (Future) 99.85 -0.15% 99.42 99.64 99.92 100.14 100.42momentum oscillator Stochastic both are in positive territory which supports upside strength. Technically, we expect the 62.60 zone the 50 day moving average to act as a resistance, on the downside 62.00 will be the level we will keep a close watch on as a support.

GBPINR

GBPINR opened on a slightly flat note and remained volatile throughout the sessions courtesy changing risk sentiment because of the liquidity driven banking fiasco. GBPINR closed at 99.86 with a loss of 15 odd paisa. On the daily chart GBPINR has Index CMP % change S2 S1 P R1 R2GBP/INR (Future) 99.85 -0.15% 99.42 99.64 99.92 100.14 100.42momentum oscillator Stochastic both are in positive territory which supports upside strength. Technically, we expect the 62.60 zone the 50 day moving average to act as a resistance, on the downside 62.00 will be the level we will keep a close watch on as a support. odd paisa. On the daily chart GBPINR has formed a lower low lower high pattern and has managed to sustain below the 100.00 mark.The Thursday sell off pushed the GBPINR pair below the 50 Day SMA. The chart pattern suggests that if GBPINR, could make a move towards the 99.40 zone on the sessions to come. On the upside the psychological level of 100.00-100.10 is will act as a resistance. The daily strength indicator RSI has formed a bearish hinge near the 50 zone, indicating a bit of exhaustion in the momentum.

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