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USD/INR

The gains in the dollar index were limited after the PCE data came in lower than the analysts estimated. The USDINR pair remained in a super tight range, majorly because of lack of driving factors. On the daily chart USDINR pair formed a small bodied candle with a long upper wick, indicating some selling pressure near the 82.37 zone. The RSI plotted on the daily chart can be seen hovering around the reference line, indicating lack of momentum in the pair. The immediate support for the pair is placed near the 82.00 mark. On the upside the immediate resistance is placed near the 82.50, if we see a break above this level we might see the pair head higher towards the 82.75.

EUR/INR

The softer dollar helped boost the EURUSD pair, we also had the inflation estimates, wherein the core inflation did not cool off. The EURINR opened on a positive note and then drifted higher for the rest of the session. On the daily chart we can see the EURINR forming a higher high higher low pattern, indicating presence of bullishness in the pair. The RSI plotted on the daily chart is moving higher, indicating increasing bullish momentum in the pair. In the sessions to come we might see the pair find resistance near the 91.35 mark. If we see a break above this level we might see the pair make a move towards the 91.50 zone. On the downside we might see the supports placed near the 90.70 mark, if the pair breaches below the 90.70 we might see it head lower towards the 90.30 mark.

JPY/INR

The USDJPY reacted to the dovish BoJ and rallied higher towards the 143.00 mark. The JPYINR pair also reacted to the weakening yen and the opened lower with almost a 90 paisa gap and then continued to trade on a weaker note. On the daily chart we can see that the pair is placed below all the major moving averages, indicating presence of bearish momentum in the pair. The RSI plotted on the daily chart has formed a bearish hinge and can be seen moving lower towards the oversold zone, indicating presence of bearish momentum in the pair. Technically, the pair is expected to face resistance near the 58.50-58.65 zone. On the downside the immediate support is placed near the 57.60 followed by 57.50.

GBP/INR

The GBPINR pair opened on a flattish note and then traded in a tight range for the rest of the session, ahead of the BoE policy. On the daily chart the pair formed a small body candle indicating lack of momentum in the pair. The RSI plotted on the daily chart is moving higher indicating increasing bullish momentum in the pair. Technically, in the sessions to come we might see the pair find resistance near the 106.00- 106.30 zone. On the downside the support is placed at 105.30 zone.

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