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USDINR

TechnicalObservations

? USDINR October futures contract closed at a record high level on the weekly and monthly chart. The trend remains bullish following a bullish sequence of higher top and higher bottom on all major time frames. The pair has been holding the support of the 21-week exponential moving average.

? Momentum oscillator, RSI on a weekly chart placed in an overbought zone indicates the continuation of positive momentum.

? USDINR October contract has support at 79.25 and resistance at 82.90.

USDINR Weekly Chart

EURINR

Technical Observations:

? EURINR has been trading in the downward slopping channel adjoining swing high of 90.81, 89.75 and low of 80.48. On the weekly chart, the pair has been facing stiff resistance near 21 WEMA.

? Any short covering bounce has been sold off for the last two years. We believe the bearish trend can continue as long as it trades in the bearish channel.

? The EURINR October contract has support at 78.70 and resistance around 82.

GBPINR

TechnicalObservations

? The GBPINR October futures contract is placed well below the shortterm moving average of 21 WEMA.

? Momentum oscillator, RSI on the weekly chart has given the positive divergence and exited from the oversold zone indicating a covering bounce. However, one should not consider this bounce as a trend reversal as the price has been trading in bearish chart formation of lower tops and lower bottoms.

? We remain bearish on GBPINR October futures and any bounce towards 95 will be used as a short-selling opportunity for a target of 86.20.

JPYINR

Technical Observations:

? JPYINR October futures contracts formed a positive divergence on the weekly chart, with price made a lower low while oscillator remained above the previous bottom.

? The pair is having resistance at 58.61, the 21-week exponential moving average.

? The bearish chart formation of lower tops and lower bottoms indicates a continuation of the long-term downtrend.

? The pair is having resistance in the area of 60.60 to 61 and support around 54.50. Any short covering rally can be used to make fresh short positions.

Dollar Index

TechnicalObservations:

? The Dollar Index made a parabolic up move since mid-2021. It has been holding the support of 21 WEMA which is currently placed at 106.92.

? Momentum oscillator RSI on the weekly chart oscillating near an overbought zone. MACD is heading north and strengthening indicates a continuation of the bullish trend.

? The greenback has support at 106.90 and resistance at 115 and 123.

EURUSD

Technical Observations:

? EURUSD has been trading in a bearish sequence of lower tops and lower bottoms on weekly and monthly charts. The pair is having resistance at 1.02, the 21 WEMA.

? Momentum oscillators and indicators heading south suggest bearish momentum and trend.

? The bias for EURUSD remains bearish as long as it trades below 1.06 while on the downside it has minorsupport at 0.95 and then 0.93.

GBPUSD

Technical Observations:

? GBPUSD has formed a strong bullish bar and came near the 2020 bottom of 1.14. But this bounce is on the back of short covering and may notsustain following bearish chart formation.

? The pair is having resistance around 1.19, the 21 WEMA.

? Momentum oscillator and indicators on weekly and daily charts remain bearish.

? Near-term view remains bearish for the pair and we expect a level of parity in the coming month.

USDJPY

Technical Observations:

? USDJPY hasseen a parabolic up move since the start of 2021.

? The pair has been holding the support of the 21-week exponential moving average.

? Momentum oscillators and indicators showing signs of exhaustion asit has been placed at an elevated level on the weekly chart.

? USDJPYR is having resistance at 149 and support at 135 with the overall view remaining bullish until it breaks below 132.

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