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USD/INR

The Dollar reacted negatively to the Jolts Job opening data and the inched lower. The USDINR pair followed cues from softer Dollar index and the USDCNH. The USDINR pair opened with a negative gap, around 82.80 and moved lower towards 82.70 in the initial hours of trading, However, strong buying interest near the low of the session pulled it higher. Technically, the pair found resistance near the 50 moving average. The RSI plotted on the daily chart, can be seen moving lower, indicating exhaustion in the bullish momentum in the pair. In the sessions to come, we can expect the pair to face rejection near the 83.00. On the downside the immediate support is placed near the 82.70, if the bearish momentum continues we might see the pair head lower towards the 82.50.

EUR/INR

The softer Dollar and the flat USDINR pair pushed the EURINR pair higher. EURINR opened on a very positive note and continued to move higher, towards the end of the session the pair managed and moved higher towards 90.30 zone. The RSI plotted on the daily chart, seems to have formed a bullish crossover, indicating increasing buying interest in the pair. Going by the price action, the pair is expected to face resistance near the 90.40- 90.70 level. On the downside the immediate support is placed near the 90.00 mark.

JPY/INR

Lack of support from the central bank has been putting a lot of pressure on the YEN. The USDJPY pair has been acting very resilient, and has been sustaining above the 146.00 mark, despite the fall in the US bond yields and the Dollar index. JPYINR snapped the eight session loosing streak, and managed to move higher towards the 57.00 mark. On the daily chart the JPYINR pair formed a inside candle, indicating indecisiveness in the pair The RSI plotted on the daily chart, can be seen forming a bullish crossover, indicating increasing bullish momentum in the pair. In the sessions to come we might see the pair find resistance near the 57.00-57.20 level. On the downside the 56.60 followed by 56.40 is expected to act as a support.

GBP/INR

The improvement in the risk sentiment, and softening dollar helped the GBPUSD pair move higher. The GBPINR pair followed the GBPUSD and opened on a positive note. The strong buying pushed the GBPINR pair higher towards the 105.00 mark. On the daily chart we can see that the pair formed a strong bullish candle, indicating presence of bullishness in the trend. The RSI plotted on the daily chart can be seen forming a bullish crossover, indicating increasing bullish momentum in the pair. The price action suggests that the 105.00 zone could act as a resistance in the sessions to come. On the downside we need to keep a close watch on the 104.40 mark, as a support.

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