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USD/INR

The cool off in the Global financial crisis fears, pushed the US Dollar lower since the start of this week. The Dollar index during the week faced string rejection near the 103.50 zone and moved lower towards the 102.00 mark. On the daily chart we have seen the USDINR pair move in a range and oscillate between 82.50 and 82.00. The pair now is sandwiched between the 20 and the 50 Day moving average. The RSI plotted on the daily chart can be seen hovering around the 50 mark, indicating lack of momentum in the pair. In the sessions to come, we will keep a close watch on the 82.00 mark, which is expected to act as a support level, if this level is breached, we might see the pair move lower towards the 81.70- 81.50 zone. On the upside we might see resistance come near the 82.80- 83.00 zone.

EUR/INR

The market tilted towards the riskier assets means softer dollar and stronger Euro. Additional boost for the pair came from the ECB members saying that the interest rates need to be higher to get the inflation under control. The stronger EURUSD pair means the EURINR pair too moved higher, On Wednesday, after a positive open the pair managed to sustain the opening gains and the end the session near the 89.60 zone. On the daily chart we can see the EURINR pair make a higher high higher low pattern, indictaing presence of bullishness in the trend. The RSI plotted on the daily chart can be seen moving higher, indictaing presence of the momentum in the up move. In the sessions to come, we might see the pair make a move towards the 90.00 level, on the downside the key level that we will be watching is the 89.20.

JPY/INR

To trade the Yen one needs to closely watch the US bond yields. The US Bond yields moving above the 4% mark was a major trigger for the JPYINR pair to breach below the 63.00 level. The JPYINR pair on Wednesday opened on a flattish note and moved lower towards the end of the session. Since the past 3 sessions the JPYINR pair has been trading between 63.00- 62.60 zone As of now the prices continues to sustain above both the 20 day and the 50 day moving averages, indictaing the presence of bullish trend in the pair. The RSI plotted on the daily chart can be seen heading lower, indictaing exhaustion in the momentum. In the sessions to come we might see the pair make a move towards the 62.50 zone. on the upside we see the resistance placed near the 63.12.

GBP/INR

The Pound is very sensitive to the market sentiment, and the market mood tilted towards the riskier assets seems to be benefiting the GBPUSD pair, the pair has been forming a higher high higher low patter since the past 4 weeks. The GBPINR after a positive open on Wednesday, continues to move higher and made a move towards the 102.00 mark. From the price action point of view, the GBPINR pair has been forming a higher high higher low pattern since the past couple of sessions. The pair continues to sustain above both the 20 and the 50 Day moving averages, indictaing presence of bullishness in the trend. The RSI plotted on the daily chart can be seen moving higher, indicating presence of bullish momentum in the pair. In the sessions to come, the 102.00 mark is expected to act as a resistance level, if the pair manages to break above it, we might see the pair head higher towards the 102.30 and eventually towards 102.50 zone. on the downside we expect the supports to come in near the 101.20 zone.

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