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USDINR

The traders were dead focused on the next FED move, at the moment they seem to be pricing in a 25 BPS hike in the coming policy, this pushed the Dollar index higher towards the 104.60 zone. The USDCNH pair too moved higher above the 7.13 zone. When compared to the dollar index and the USDCNH, the USDINR pair was fairly quite and traded in a tight 10 Paisa range. The pair formed a candle with long lower shadow, indicating buying interest near the 82.70 zone. The RSI plotted on the daily chart can be seen forming a bullish hinge near the reference line and moving higher towards the overbought zone, indicating presence of bullish momentum in the pair. In the sessions to come we might see the resistance come in near the 82.90-83.00 zone. On the downside we expect the 82.50-82.60 zone to act as a support.

EUR/INR

The risk off mood on Wednesday, led to the Euro opening with a negative gap, the selloff in the Euro continued and took the EURUSD pair lower towards the 1.06 mark. The EURINR, after a gap down open tested a low of 89.40. we did see some recovery as we moved towards the end of the session. The RSI plotted on the daily chart can be seen moving lower towards the oversold zone, indicating presence of bearish momentum in the pair. Going by the price action, we have seen some buying interest near the 88.40 zone. so in the sessions to come, we will need to keep a close watch on the price action around this level, as it is expected to act as a make or break level. Technically, we can expect the pair to find resistance 88.80-89.00 zone and on the downside we might see the supports come in near the 88.40-88.30 level.

JPY/INR

The fall in the bond yields and the press release of Tuesday seems to have helped the Yen to some extent. The JPYINR pair made an attempt to move higher during but failed to break and sustain above the 59.70. Towards the end of the session the pair not only gave up most of its gains but also ended the session with a minor loss. Looking at the price action one can say that the pair faced major selling pressure near the 59.80 level, so in the sessions to come we might see the pair find resistance around this level. On the downside the important support is placed near the 59.10 zone.

GBP/INR

The trader’s tilting towards the safe haven dollar put a lot of pressure on the Pound. The selling pressure on the GBPUSD pair also put a lot of pressure on the GBPINR pair. Looking at the candle pattern the pair formed an inside candle after a massive rally on Tuesday. As of now the pair is sandwiched between the 20 and the 50 day moving averages. The RSI plotted on the daily chart can be seen forming a bearish hinge near the reference line and heading lower towards the oversold zone, indictaing presence of bearish momentum in the pair. In the sessions to come, the 102.70 mark is expected to act as a resistance level, on the downside the immediate support is placed near the 102.10. The range from 102.00-103.00 could be the broader range for the GBPINR pair

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