The pair is likely to trade with negative bias and any pullback near immediate resistance of 56.10 level - Monarch Networth Capital
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CURRENCY TECHNICAL OUTLOOK
* The USD/INR futures pair has support at 83.10 levels whereas resistance is placed at 83.50 levels. The pair is expected to range bound until either side level is breached
* The EUR/INR futures pair has support at 87.20 levels whereas resistance is placed at 87.60 levels. The pair is expected to find resistance at higher level and trade weak below 87.20 level up to 87.10 and 87.00 levels
* The GBP/INR futures pair has support at 100.30 levels whereas resistance is placed at 100.90 levels. The pair is expected to find resistance at higher level and trade weak below 100.30 level up to 100.20 and 100.10 levels
* The JPY/INR futures pair has support at 55.70 levels whereas resistance is placed at 56.10 levels. The pair is expected to find resistance at higher level and trade weak below 55.70 level up to 55.60 and 55.50 levels
CHART OF THE DAY
JPYINR (DAILY CHART)
Strategy: Intraday
* JPYINR pair traded with negative bias in the last trading session; and prices are trading below downward trend line.
* The pair is likely to trade with negative bias and any pullback near immediate resistance of 56.10 level should be taken as selling opportunity targeting 55.70 – 55.60 levels on lower side
* For Intraday session, it has support at 55.70 – 55.60 levels whereas resistance is placed at 56.10 – 56.20 levels
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