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USD/INR:

Uncertainty around the FED action with respect to the rate path has led to increased volatility in the US 10 year bond yields, and this has been pushing the Dollar index around. The USDINR pair opened on a flattish note and then consolidated for the rest of the session. On the daily chart the pair printed the high at the opening tick and then traded in a tight 5 paisa range for the rest of the session. The RSI on the daily chart can be seen flattening, indicating lack of momentum in the pair. Going by the price action we might see the 82.90 zone act as a major support. On the upside the immediate resistance is place near the 83.15-83.20 zone.

EUR/INR:

The EURINR pair opened on a positive note and printed a high of 89.78 where it faced strong sell off which pushed it lower towards 89.50. On the daily time frame, the pair formed a strong bearish candle. The RSI plotted on the daily chart suggests that the pair is lacking momentum, Going by the price action, 89.80- 89.90 is expected to act as a resistance level. On the downside the support is placed near 89.30.

JPY/INR:

Volatile US 10 year bond yields put a lot of pressure on the Yen. The JPYINR pair had a fairly low volatile session as the Japanese markets were shut. On the daily chart, the pair formed a doji candle pattern indicating indecisiveness among the traders. The RSI plotted on the daily chart can be seen moving between 30 and 35 zone, indicating lack of momentum in the pair. In the sessions to come we expect 56.10- 56.30 to act as a strong resistance. On the downside the immediate support is now placed near 55.70-55.50 zone

GBP/INR:

The GBPINR witnessed intraday spikes on both the sides and then ended the session near 104.75 zone. On the daily chart the pair formed a small bodied candle, with a long upper wick, indicating strong selling near the 105.00 mark. The RSI plotted on the daily time frame has been forming a lower low lower high pattern, indicating increasing bearish momentum in the pair. In the sessions to come we might see 105.00-105.10 act as a resistance. On the downside the immediate support is placed near the 104.50.

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