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USD/INR

The USDINR pair reacted to the PBOC fixing the USDCNH pair around the 7.14 level. The USDINR pair opened on a very negative note and immediately tested a low of 81.68. In the initial hours of trading we saw strong buying interest around the day low which took the pair higher towards the 81.90 zone. On the daily chart the pair formed a bullish candle with a long lower wick, indicating presence of buying interest at lower levels. The RSI, plotted on the daily chart can be seen forming a bullish hinge near the overbought level, indicating presence of bullish momentum in the pair. The immediate support for the pair is placed near the 81.65, if we see a breach below this level we might see it head lower towards 81.50. On the upside the immediate resistance is placed near the 82.00 mark, if we see a break above this level we might see the pair head higher towards the 82.20.

EUR/INR

The EURINR pair was very range bound and traded between the 90.70 and 90.40 mark through out the session, despite the German ifo Business Climate coming in significantly lower that the analysts estimates. On the daily chart we can see the EURINR pair has been forming a lower low lower high pattern and inching lower towards the 50 Day moving average. The RSI plotted on the daily chart can be seen moving lower towards the oversold zone, indicating increasing bearish momentum in the pair. Technically, the pair is expected to face rejection near the 90.80 zone. On the downside we might see the supports placed near the 90.30 mark, if the pair breaches below the 90.30 we might see it head lower towards the 90.00 mark.

JPY/INR

The USDJPY pair seems to be facing rejection near the 142.00 mark, and this has help arrest the continuous fall in the JPYINR pair. On Tuesday the JPYINR pair was broadly range bound as the traders waited for the BoJ and the FED policy. On the daily chart we can see that the JPYINR pair has been forming inside candle, with small real body, indicating indecisiveness in the pair. The RSI plotted on the daily chart can be seen flattening near the reference line, indicating exhausting bullish in the pair. Technically, the pair is expected to face resistance near the 58.30 zone. On the downside the immediate support is placed near the 57.80 followed by 57.50.

GBP/INR

For the 1st time in eight sessions the GBPINR pair formed a candle with a long lower wick, hinting towards the downtrend halting near the 104.85 mark. The RSI plotted on the daily chart can be seen forming a bullish hinge near the oversold zone, indicating exhaustion in the bearish trend. Technically, in the sessions to come we might see the pair find support near the 104.60 mark which also happens to the 50 day moving average. On the upside the 105.60 the 20 day moving average is expected to act as a support level.

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