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USDINR

The Dollar index has been broadly been range bound, and has been hovering around the 104.00 mark since the past couple of sessions. The USDINR pair opened on a bit of a negative note and then hovered around the 82.94 zone for the rest of the session. On the daily chart the pair formed a small bodied candle with wicks on either sides, indicating indecisiveness in the trend. RSI plotted on the daily chart can be seen moving lower, indicating increasing bearish momentum in the pair. Going by the price action, we might see the 83.05-83.10 act as a resistance zone. On the Downside the immediate support is place near the 82.80 zone.

EUR/INR

The Dollar index trading below the 104.00 mark pushed the Euro higher. The EURINR pair opened on a positive note and then drifted higher towards the 90.15 for the rest of the session. On the daily time frame, we can see that EURINR pair has been consolidating between 89.70-90.30. The RSI plotted on the daily chart, can be seen moving higher, indicating increasing bullish momentum in the pair. Going by the price action, 90.20-90.40 is expected to act as a resistance level. On the downside the support is placed near 89.80-89.60

JPY/INR

The Us 10 year bond yields inching lower in the early Asian trading session helped the Yen appreciate a bit. The JPYINR pair opened on a positive note but failed to gain momentum and drifted lower towards the end of the session. The RSI plotted on the daily chart can be seen flattening, indicating lack of momentum in the pair. In the sessions to come we expect 55.60- 55.80 to act as a strong resistance. On the downside the immediate support is now placed near 55.30-55.10 zone.

GBP/INR

The Dollar index moving lower pushed the Pound higher. The GBPINR opened on positive note and then drifted higher for the rest of the session. On the daily chart the pair seems to be heading higher towards the 50 day moving average. The RSI plotted on the daily chart can be seen moving higher, suggesting increasing bullish momentum in the pair. In the sessions to come we might see 105.20-105.50 act as a resistance. On the downside the immediate support is placed near the 104.90-104.70 mark.

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