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USD/INR

The US Dollar was fairly muted ahead of the Retail sales and the Core Retail sales data, and continued to remained range bound throughout the session. The USDINR saw some buying interest near the 82.00 mark and the attempted to move higher, but lost traction around the 82.10-82.15 zone and hovered around the 82.07 mark throughout session. Since the past 4 sessions the pair has been trading between the 82.00 and 82.30 zone. The RSI plotted on the daily chart can be seen heading lower, indicating increasing bearish momentum in the pair. Going by the price action the pair is expected to face rejection near the 82.20- 82.30 zone. On the downside we might see the support come in near the 82.00-81.80 zone.

EUR/INR

The softer Dollar and the hawkish tone of the ECB members supported the EURUSD pair sustain near the 1.127 mark. The EURINR pair was broadly range bound and moved between 92.50 and 92.20 through out the session. On the daily chart we can see that the pair formed a long upper wick candle, indicating sell off near the 92.50. The RSI continues to remain in the overbought, indicating presence of bullish momentum in the pair. Technically, the pair is in the uncharted territory, so we might as well look at psychological levels for resistance, which in this is 92.50 followed by 93.00. On the downside we might see the supports placed near the 92.00 mark, if the pair breaches below the 92.00 we might see it head lower towards the 91.00 mark.

JPY/INR

The USDJPY pair seems to have halted its down move, and got into a consolidation phase. From the price action point of view, the JPYINR pair since the past four sessions has been moving in a range since the past couple of sessions. Looking at the price action the pair has been moving in a tight range since the past three sessions. The RSI plotted on the daily chart can be seen flattening in the overbought zone, indicating exhaustion in the bullish momentum in the pair. Technically, the pair is expected to face resistance near the 60.00 zone. On the downside the immediate support is placed near the 59.20 followed by 58.70 are expected to act as a support level.

GBP/INR

The softer Dollar and the interest rate differential continue to keep the GBPUSD pair on the boil. After a flattish open the pair attempted to move higher but faced sell off near the 107.60 zone. The RSI plotted on the daily chart suggests that the pair is placed in the overbought territory, indicating lack of bullish momentum in the pair. Technically, the pair is expected to face rejection near the 108.00 mark in the sessions to come. On the downside the supports are placed near the 106.50 mark, a breach below the 106.50 mark can be the first trigger for a possible trend reversal in the strong up move that we have seen recently.

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