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USDINR

The lack of data release from the US economy has kept the USDINR pair in a tight range. Since the past six days the pair has been trading in a range between 82.90 and 82.30 After a strong bounce back in the previous session the pair formed an inside candle and traded in a 10 paisa range. As of now the pair continues to trade above the major moving average, indicates presence of bullishness in the pair. The RSI plotted on the daily chart can be seen flattening around the reference line, indictaing lack of momentum in the pair. In the sessions to come we might see the pair find resistance near the 83.00-83.10 zone. On the downside the 82.60 is a very crucial level to watch for, if the pair breaches below this level, we might see a move towards the 82.30.

EUR/INR

There was a general of driving force in the Euro, to add to it the US Dollar also has been flat, so this has put the EURINR pair in a range. If we look at the price action of the past 2 weeks, the pair has been range bound and moving in a tight range between 89.00 and 88.30. Looking at the price action, we can see a bearish crossover between the 20 and the 50 Day moving averages, indictaing presence of bearish momentum in the pair. The RSI plotted on the daily chart can be seen hovering around the oversold zone, indicating lack of momentum in the pair. In the sessions to come, we expect the resistance to be placed at 88.80. On the downside we expect the support to be placed near the 88.20.

JPY/INR

The dollar softening and the bond yields cooling off a bit in the early hours of trading, helped the Yen appreciate a bit, and the USDJPY pair moved below the 104.00 for some time. The JPYINR pair opened on a flattish note and attempted to move higher but failed to breach above the 59.70 which has been acting as a resistance since the past couple of sessions. The pair is placed below both the 20 and the 50 day moving averages. Currently the price action suggests that the pair is consolidating between 59.70 and 59.00. In the sessions to come we might see the pair find resistance near the 59.70-60.00 zone. On the downside the important support is placed near the 59.00-58.70 zone.

GBP/INR

The GBPINR pair has been consolidating between 102.00 and 103.00 since the past 7 weeks. On Tuesday, the GBPINR pair opened on a very positive note i.e. near 102.70 (about 30 Paisa above the previous close). From the price action point of view, the pair is consolidating between the 20 and the 50 day moving averages. The RSI plotted on the daily chart can be seen hovering around the reference line, indicating lack of momentum in the pair. In the sessions to come, the 103.00-103.30 mark is expected to act as a resistance level. On the downside we might see the supports placed near the 102.00-101.80 zone

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