The JPYINR pair was a range bound throughout the session - Axis Securities Ltd
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USD/INR
The Dollar index moving higher towards the 104.30 did put some pressure on the Rupee, and pushed the USDINR pair higher towards 83.02 mark On the daily chart the pair formed a small bodied candle with a long upper wick, indicating sell off near the 83.02 mark. RSI plotted on the daily chart can be seen flattening, indicating lack of 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 82.90-82.80 zone.
EUR/INR
The Dollar index moving higher put a lot of pressure on the Euro, and pushed the EURINR pair lower towards the 89.73. On the daily time frame, the pair seems to have found support near the 20 day moving average. The RSI plotted on the daily chart, has been suggesting increasing bearish momentum in the pair. Going by the price action, 90.00-90.20 is expected to act as a resistance level. On the downside the support is placed near 89.70-89.50.
JPY/INR
The JPYINR pair was a range bound throughout the session. On Tuesday the pair opened on a flattish note, and then drifted lower, to end the session around 55.40. On the daily chart we can see that the pair has been consolidating between 55.60 and 55.30 since the past four sessions. The RSI plotted on the daily chart can be seen hovering around the oversold zone, indicating lack of momentum in the pair. In the sessions to come we expect 55.60- 55.70 to act as a strong resistance. On the downside the immediate support is now placed near 55.20-55.00 zone.
GBP/INR
The Dollar index moving higher pushed the Pound lower. The GBPINR slid lower towards the 104.80. however some of the losses was recovered and the pair ended the session around 105.00 On the daily chart the pair formed a bearish candle with a long lower wick, indicating some buying interest around the 104.80 zone. The RSI plotted on the daily chart can be seen moving lower, suggesting increasing bearish momentum in the pair. In the sessions to come we might see 105.30-105.50 act as a resistance. On the downside the immediate support is placed near the 104.80-104.60 mar
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