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USDINR

The trader continued to focus on the Debt ceiling crisis, which led to a capital flight, pushing the Dollar higher. The USDINR pair managed to test a high of 82.49, but gave up most of the gains towards the end of the session. The main trigger for the pair to move higher was the CHN depreciating against the US Dollar after the data from the China economy missed the analysts estimates. As of now the pair is placed above all its major moving averages. Technically, in the sessions to come we might see the pair find resistance near the 82.50 zone. On the downside the major support continues to be placed near the 82.00-81.80 level.

EURINR

The Euro continued to remain under a lot of pressure as the concerns of the US debt. To day we also had the EU CPI data, which came inline with the expectation. The major reading from the data was that the inflation in the bloc continues to remain stubbornly high, near the 7% mark. The EURINR pair witnessed a major hammering today, and tested a low of 82.27. Towards the end of the session the pair managed to make up some of the losses and closed at 89.36. From the price action point of view the pair seems to be moving towards the 50 Day Simple moving averages. The RSI plotted on the daily chart can be seen moving lower towards the oversold zone, indicating increasing bearish momentum in the pair. Technically, the EURINR pair can be expected to find resistance near the 90.00 handle. On the downside we might see some buying interest around the 89.00 zone.

JPYINR

The US bond yields, rising and the Dollar index too heading higher, pushed the USDJPY pair higher. This translated in the JPYINR opening gap down. During the day the pair tested a low of 60.30 The RSI plotted on the daily chart can be seen heading lower, indicating increasing bearish momentum in the pair. The price action suggests that the 60.00 level could act as a support in the sessions to come. On the upside the 60.50 is the level we will keep a close watch as a resistance zone.

GBPINR

The traders tilted more towards the safe haven US Dollar has put a lot of pressure on the riskier assets. Which in turn led to the market sentiment driven currencies like the Pound lower. The GBPINR was beaten badly during the day. The pair in the trading session tested a low of 102.42 level. Looking at the price action of the pair, we can see that the pair found support near the 20 Day moving average, and managed to hold on to it despite it being breached during the day. On the upside, the 103.20-103.30 mark is expected to act as a resistance level.

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