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USD/INR

The Dollar softening after testing the 103.00 meant that the USDINR pair had a slightly negative open and tested a low of 81.94 in the initial half of the session. During the second half we did see some buying in the pair, which took it higher towards above the 82.00 mark towards the end of the session. If we look at the broader picture the pair seems to be consolidating between 81.80 and 82.30-82.50. The RSI plotted on the daily chart can be seen heading higher, indicating increasing bullish momentum in the pair. Technically, we expect the pair to face rejection near the 82.30 level immediately and if we see a breach above this level we might see it head higher towards 82.50. On the downside we have been seeing string buying interest near the 81.90-81.80 zone. This could act as a support level in the sessions to come.

EUR/INR

The German IFO business climate came in lower than the analysts were expecting, the actual reading came in at 88.7 v/s the previous reading of 91.5. This has increased the odds of the German economy contracting even further in the Q2. the EURINR pair was broadly range bound through the session. And moved in a tight 20 odd paisa range. The up move in the pair looked like a relief rally if the previous session fall. The RSI plotted on the daily chart, can be seen forming a bullish hinge near the reference line, indicating increasing bullish momentum in the pair. Technically, we expect the pair to face rejection near the 89.70-89.80 zone On the downside we expect the pair to find support near the 89.30-89.00 zone

JPY/INR

During the day we had another dose of verbal intervention, where in the authorities mentioned that they are keeping a close watch on the FX levels. This boosted the sentiment around the Yen for the time being, and the JPYINR pair tested a high of around 58.00. From the price action point of view, the JPYINR bounced off the 57.60 zone and moved higher towards the 58.00 mark. The RSI plotted on the daily chart, continues to hover around the oversold zone, indicating lack of momentum in the pair. Technically, the pair is expected to face resistance near the 58.30 zone. On the downside the immediate support is placed near the 57.60 zone

GBP/INR

There was a distribution pattern under formation in the GBPINR pair near the 105.20 zone. On Monday the pair opened on a slightly positive note and faced rejection near the 104.50 zone. in the last half an hour of trading the pair witnessed major hammering which took it lower below the 103.25. The RSI plotted on the daily chart can be seen flattening near the 50 zone, indicating lack of momentum in the trend. Technically, in the sessions to come we might see the pair find resistance near the 104.50-104.70 zone. On the downside the supports are placed near the 104.00 mark, if the pair breaches below the 104.00 mark we might see it head lower towards the 103.50-103.30.

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