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USD/INR

The USDCNH cooled off quite a bit, this has helped the USDINR pair cool off a bit, also we have been seeing some heavy volume near the 83.00 zone, which is suspected to be intervention. The USDINR pair opened near the 82.90 zone and fell from the first tick on and moved lower towards the 82.60 zone towards the end of the session. The RSI plotted on the daily chart can be seen forming a bearish hinge near the overbought level, indicating a possible increase in the bearish momentum in the pair. In the sessions to come the price action around the 82.80-83.00 will be the crucial level to watch for as a resistance level. On the downside we expect the 82.40 zone to act as a support.

EUR/INR

The Debt ceiling discussion has been taking a toll on the currencies like the Euro. The EURINR pair has opened on a slightly negative note and then moved lower below the 89.10 zone towards the end of the session. As of now the pair placed below the 20 and the 50 Day Moving. The RSI plotted on the daily chart is placed near the oversold zone, indicating presence of bearish momentum in the pair. In the sessions to come, we might see the pair find resistance near the 89.30 zone. On the downside we might see the supports come in near the 89.00

JPY/INR

The bond yields moving lower, arrested the rise in the USDJPY pair near the 139.00 zone The JPYINR pair opened on a flattish note and the moved lower to ended the session near the 59.80 zone. The RSI plotted in the daily chart can be seen moving lower towards the oversold zone, indicating increasing bearish momentum in the pair. In the sessions to come we might see the pair find resistance near the 60.00-60.20 zone. On the downside the important support is placed near the 59.70 zone.

GBP/INR

On Wednesday we had the UK CPI data, the headline figures came in at 8.7% which is lower than the previous print, but core print rose a bit, which was something that the traders focused on. On Wednesday the pair opened on the a positive note and tested a high of 103.14, from where it faced rejection and fell lower towards 102.20 towards the end of the session. As of now the price action around the 102.20 is the key support to watch for, if we see a breach below this level we might see the pair move lower towards the 102.00 mark. The pair has moved and ended the session below the 20 day moving average. The RSI plotted on the daily chart can be seen moving lower towards the oversold zone, indicating 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 102.20 zone, if the pair breaches below the 102.20 zone, we might see the sell off accelerate which could take the pair lower towards the 102.00 zone.

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