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USD/INR

The FED members hinting towards a rate peak pushed the US Dollar lower. Also the traders were waiting on the side for the US CPI data. The USIDNR pair gapped down below the 82.50 and then traded in a tight range for the rest of the session. From the daily candle point of view, the pair formed an indecisive candle pattern. The RSI plotted on the daily chart seems to be heading lower, indicating presence of bearish momentum in the pair. Technically, USDINR pair seems to have faced rejection near the 82.80 zone. so in the sessions to come we might see this level act as a resistance. On the downside we might see the support come in near the 82.30 zone.

EUR/INR

The softer Dollar seems to be pushing the EURUSD pair higher, in turn pushing the EURINR pair higher towards the 91.00 zone. During the day EURINR pair traded in a tight range after a gap up open. On the daily chart the pair formed a bearish candle with an upper wick, hinting towards the pair facing rejection near the 91.00 zone. The RSI plotted on the daily chart continues to show bullish momentum in the pair. Technically, On the downside we expect the pair to find support near the 90.00. On the upside the 91.10 zone is expected to act as a resistance.

JPY/INR

The softer dollar and the tanking Bond yields have been pushing the USDJPY pair lower towards the 140.00 mark. This From the price action point of view, the JPYINR pair has formed a candle with a long upper wick, indicating some exhaustion in the bullish trend. The RSI plotted on the daily chart continues to show bullish momentum in the pair. Technically, the pair is expected to face resistance near the 59.20- 59.50 zone. On the downside the immediate support is placed near the 58.70 zone.

GBP/INR

The GBPUSD pair moved higher backed by softer US Dollar. The GBPINR pair continued its rally as the traders ignored the rise in the unemployment claims and focused more on the wage rise which pushed the bets of the BoE raising the interest rates higher. From the price action point of view the pair has moved above the 106.50 zone. The RSI plotted on the daily chart can be seen inching higher, indicating increasing bullish momentum in the pair. As we get into the uncharted territory, we will have to work with psychological levels, so in the sessions to come, we might see the pair move higher towards the 107.00 mark. On the downside the supports are placed near the 106 mark, if the pair breaches below the 106.00 mark we might see it head lower towards the 105.50.

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