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USDINR

With the debt ceiling behind, the traders are majorly focusing on the FED policy in the month of June. As per the CME FED Watch tool the bets of a 25 BPS hike in the coming policy has gone up. This seems to be keeping the US Dollar on the boil. To add to the problems of the USDINR pair we also had the USDCNH, which moved above the 7.10 mark The USDINR pair traded with an upward bias and ended the session near the 82.80 zone. If we were to go by the price action, USDINR pair found support near the 82.60 zone, which happens to be placed around the 20, 50 and 200 Day EMA. The RSI plotted on the daily chart has formed a bullish hinge near the reference line, indicating presence of bullish momentum in the pair. In the sessions to come we might see the resistance come in near the 82.90-83.00 zone. On the downside we expect the 82.50-82.60 zone to act as a support.

EUR/INR

Towards the end of the session the entire market moved towards a Risk on mood and the pushed the currencies like the Euro higher. The EURINR, pair bounced off around the 88.50 zone and moved higher towards the 89.00 zone. The RSI plotted on the daily chart can be seen forming a bullish hinge near the overbought level, indicating increasing bullish momentum in the pair. Going by the macro trends the pair is expected to trade with a negative bias from a broader point of view, the recent up move is majorly a bounce back from support levels. Technically, we can expect the pair to find resistance 89.00-89.30 zone and on the downside we might see the supports come in near the 88.50 level.

JPY/INR

The BoJ, Ministry of Finance (MOF) and the Financial Services Agency (FSA) conducted an emergency meeting to address the recent depreciation in the Currency. In press release which followed the meeting we had the authorities mentioning that they are keeping a close watch on the currency and will react if and when ever needed. The JPYINR pair opened on a flattish note and moved lower, untill the news of the emergency meeting was out. Towards the end of the session the pair moved higher towards the 59.40 zone, after bouncing off the 59.10. Going by the price action the pair is placed near the 200 Day EMA and the RSI plotted on the daily chart suggests exhaustion in the bearish momentum in the pair. In the sessions to come we might see the pair find resistance near the 59.70 zone. On the downside the important support is placed near the 59.10 zone.

GBP/INR

The market mood was the major driver of the Pound, so in the later half of the day when the market went into full on risk on mood, we saw major rally in the GBPINR pair. On Tuesday we saw the pair test a low of around 102.17 and strongly bounce off that level and make a move towards the 103.00 mark. Going by the chart we might see major rejection near the 103.00 mark as it coincides with the 20 Day EMA. The RSI plotted on the daily chart can be seen moving lower towards the overbought zone, indicating presence of bearish momentum in the pair. In the sessions to come, the 103.00 mark is expected to act as a resistance level, on the downside the immediate support is placed near the 102.00. The range from 102.00-103.00 could be the broader range for the GBPINR pair

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