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USD/INR

The recent data from the US has been upbeat. The GDP data from the US has completely negated the possibility of a recession in the US. On Wednesday, the USDINR pair opened on a strong note and moved higher towards the 82.15 mark. Since the past couple of sessions, the USDINR pair has been moving in a range between 81.80 and 82.20. After the up move in Wednesday the RSI plotted on the daily chart can be seen moving higher, indicating presence of bullish momentum in the pair. In the sessions to come, if we see the pair break above the 82.20 zone, we might see a strong bullish buildup, which could take the pair higher towards the 82.50 level. On the downside the 82.00 and 81.80 zone continues to remain strong support level.

EUR/INR

The Dollar index moving higher towards the 103.00 mark could put a lot of pressure on the Euro pairs. On Wednesday, the EURINR pair opened on a strong note and tested a high of about 90.10. The RSI plotted on the daily chart is placed near the reference line and suggesting bullish build up, indictaing presence of bullish momentum in the pair. Going by the price action, the pair is expected to face resistance near the 90.00- 90.10 level. On the downside we expect the support to be placed near the 89.50-89.30.

JPY/INR

Lack of structural support from the central bank coupled with the Dollar index moving higher could put a lot of pressure on the Yen. The JPYINR pair since the past couple of sessions has been forming a lower low lower high pattern. The RSI plotted on the daily chart, continues to hover around the oversold zone, indictaing lack of momentum in the pair. In the sessions to come we might see the pair move lower towards the 57.00 mark, this will be a psychological level, if we see a break below this level, we might see it head lower towards the 56.50 zone. On the upside the 57.50 is expected to act as a resistance.

GBP/INR

The dollar index heading higher is expected to put a lot of pressure on the GBP pairs. On Wednesday, the GBPINR pair printed a high of 104.50 and then moved lower through out the session. Since the past couple of sessions, the GBPINR pair has been moving in tight range between 104.00 and 104.50 The price action suggests that the 104.50 zone could act as a strong resistance for the pair in the sessions to come. On the downside we need to keep a close watch on the 104.00 mark. If the pair manages to breach below the 104.00 mark, we might see the pair head lower towards the 103.50 and eventually towards the 103.30 zone

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