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USD/INR

The dollar index continues to move higher towards the 103.00 mark, this pushed the USDINR pair higher towards the 83.00 On Thursday, the USDINR drifted higher and tested a high of 82.88. On the daily chart the USDINR pair formed a small bodied candle with a long upper wick indictaing rejection near the 82.88 zone.

The RSI plotted on the daily chart is currently moving higher, indictaing presence of bullish momentum in the pair. In the sessions to come, we can expect the pair to face rejection near the 83.00. On the downside the immediate support is placed near the 82.50, if we see a break below the 82.50 we might see it head lower towards the 82.20 and 82.00

EUR/INR

The EURINR continued to consolidate between 90.20 and 91.20. On Thursday, the EURINR pair opened on a negative note and traded n a tight 20 paisa range.

The RSI plotted on the daily chart can be seen hovering around the reference line, indictaing lack of momentum in the pair. Going by the price action, the pair is expected to face resistance near the 91.20- 91.30 level. On the downside we expect the support to be placed near the 90.00-90.20.

JPY/INR

The USDJPY pair tanking mid day and moving lower towards 142.70 acted as a major support for the JPYINR pair. The after a negative open and the initial drift towards the 57.80 mark, the JPYINR pair did witness some recovery which took the pair above the 58.00 mark. The RSI plotted on the daily chart, can be seen hovering 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 58.40 and 58.80 zone. On the downside the 57.80 is expected to act as a support

GBP/INR

During the day we had the BoE policy and the central bank raise the interest rates by 25 BPS, something that the traders were pricing, at first glance the statements coming in from the central bank also seem to be a bit dovish. The pair was very volatile after the policy decision was out, from the daily point of view the pair formed a string bearish candle. The RSI plotted on the daily chart can be seen moving lower towards the oversold zone, indictaing presence of bearish momentum in the pair. The price action suggests that the 104.50 zone could act as a support in the sessions to come. On the upside we need to keep a close watch on the 105.30 mark. If the pair manages to breach above the 105.30 mark, we might see the pair head higher towards the 105.50.

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