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USDINR

The USDINR pair followed cues from the rising Dollar index and the USDCNH, and rallied higher towards the 82.30. On the daily chart, USDINR pair formed a strong bullish candle, indicating presence of bullish momentum in the pair. The RSI plotted in the daily chart can be seen moving higher towards the overbought level, indicating increasing bullish momentum in the pair. In the sessions to come, 83.30 is expected to act as a resistance level. If the pair manages to break above the 83.30 zone, we might see it head higher towards the 83.50 mark. On the downside the immediate support is placed near the 82.80-82.50.

EUR/INR

The strong dollar pushed the EURUSD pair lower, which in turn pushed the EURINR pair lower. On the daily chart we can see that the pair formed a small bodied candle, indicating lack of momentum in the pair. On the daily chart, the EURINR pair is placed below the 20 and the 50 day moving averages, indicating presence of bearishness in the pair. The RSI plotted on the daily chart, can be seen hovering around the oversold zone, indicating presence of bearish momentum in the pair. Going by the price action, the pair is expected to face resistance near the 89.70- 89.90 level. On the downside the immediate support is placed near the 89.00 mark.

JPY/INR

The USDJPY pair followed the US 10 year bond yields, and the Dollar index and moved higher towards the 148.00 mark. The JPYINR pair opened on a very negative note, and then attempted to move higher after the news about a possible intervention by the BoJ was out. On the daily chart the JPYINR pair can be seen forming a lower low lower high pattern, indicating presence of bearishness in the pair. The RSI plotted on the daily chart, has flattened, indicating lack of momentum in the pair. In the sessions to come we might see the pair find resistance near the 56.80-56.90 level. On the downside the 56.40 followed by 56.20 is expected to act as a support.

GBPINR

The GBPINR took cues from the GBPUSD pair, and opened on a negative note. During the day, we saw the GBPINR pair attempt to move higher, but failed and ended the session lower near the low of the day. Technically, the pair is placed below the 20 and the 50 day moving average, indicating presence of bearishness in the pair. The RSI plotted on the daily chart can be seen flattening, indicating lack of momentum in the pair. The price action suggests that the 104.70- 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 104.00 mark, as a support.

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