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USD/INR

The traders were calm and remained on the sidelines ahead of the US CPI data and the FOMC minutes. The market participants seem to be uncertain about the FED’s next move with respect to the interest rate decision, and seem to be finding cues. On Wednesday, the USDINR pair opened on a slightly negative and consolidated in a tight 10 paisa range. On the daily chart we can see that the pair has been facing rejection near the 200 day moving average The stochastics plotted on the daily chart can be seen forming a bullish hinge near the overbought level, indicting presence of 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 82.50- 82.80 zone

EUR/INR

There were no major data releases from the Bloc today, so the Euro was majorly driven by the direction in the Dollar and the market mood. After a flattish open the EURINR pair failed to gain momentum and consolidated in a 20 odd paisa range, and finally ended the session near the 89.70 zone. The pair continues to sustain above the its 20 and 50 day moving averages. The RSI plotted on the daily chart can be seen heading higher, indicating presence of momentum in the bullish trend. In the sessions to come, we expect the pair to move higher towards the 90.00-90.20 zone. On the downside we might see the support placed near the 89.30.

JPY/INR

The bond Yields stabilizing and the BoJ governor, hinting towards the ultra loose policy continuing, put some pressure on the Yen. This led to the JPYINR pair opening with a major gap down. However, the pair did see some buying interest near the low, but the gains were capped and the pair could not break above the previous session low The pair is placed below both the 20 and the 50 day moving averages. 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 62.00 is a very crucial level for the JPYINR pair, we will keep a close watch on the price action around this level. On the downside the important support is placed near the 61.30 zone

GBP/INR

The GBPINR pair has been moving in a range for the past couple of sessions. On Tuesday the pair attempted to move higher after a slightly negative open, but failed to gain momentum and ended the session below the 102.00 mark As of now the pair continues to sustain above both the 20 and the 50 Day. As of now the pair seems to be heading lower towards the 20 day moving average which is placed near the 101.20 level. The RSI plotted on the daily chart can be seen forming a bearish hinge, indicating exhaustion in the bullish trend. 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 101.20 zon

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