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USDINR

Negative data coming from the China has been putting a lot of pressure on the USDCNH, which in-turn has been putting pressure on the USDINR pair. The USDINR pair faced rejection near the 82.20 and moved lower towards the end of the session, after the news about the Chinese state banks being asked to escalate dollar selling came in. From the daily candle point of view USDINR pair moved in the prior session range and basically formed an inside candle. The RSI plotted on the daily chart can be seen flattening near the oversold zone, indicating, lack of bullish momentum in the pair. In the sessions to come, we can expect the pair to face rejection near the 83.20-83.30. On the downside the immediate support is placed near the 83.00-82.70.

EURINR

The Dollar index moving higher put a lot of pressure on the EURUSD pair. The EURINR pair followed cues from the EURUSD, and opened on a negative note. In the initial few ticks the EURINR pair tested a low of 90.27 which happens to be placed close to the support level of 90.20. The pair did witness some buying interest from the sessions low and drifted higher towards the 90.60. The RSI plotted on the daily chart can be seen moving lower towards the oversold zone, indicating increasing bearish momentum in the pair. Going by the price action, the pair is expected to face resistance near the 91.00- 91.20 level. On the downside the immediate support is placed near the 90.20-90.00 mark.

JPY/INR

The rising US Dollar and both the long and the short end US bond yield rising put a lot of pressure on the USDJPY pair. Despite verbal interventions by BoJ members the USDJPY pair rallied towards 147.00 The JPYINR pair followed the USDJPY and opened significantly lower compared to the prior session close. On the daily chart we can see that the pair did attract buying interest near the session low and ended the session with a doji like candle pattern, which indicated indecisiveness. The RSI plotted on the daily chart, continues to move lower, indicating presence of bearish momentum in the pair. In the sessions to come we might see the pair find resistance near the 57.30-57.50 zone. On the downside the 56.80 followed by 56.50 is expected to act as a support.

GBP/INR

The interest rate differential seems to be playing out in the pound, the inflation coming in hotter than expected has increased the bet of a tighter policy. This has given the GBPUSD pair some structural support. The GBPINR pair opened on a slightly negative note and then moved higher for the rest of the session. On the daily chart we can see the GBPINR pair is attempting to move above the 106.00 (the upper end of the consolidation). The RSI plotted on the daily chart can be seen hovering around the 50 mark, indicating lack of momentum in the pair. The price action suggests that the 105.30- 105.00 zone could act as a support in the sessions to come. On the upside we need to keep a close watch on the 106.20-106.50 mark, as a resistance.

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