The pair is likely to trade with negative bias and any pullback near immediate resistance of 56.30 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 90.60 levels whereas resistance is placed at 91.10 levels. The pair is expected to range bound until either side level is breached
* The GBP/INR futures pair has support at 104.20 levels whereas resistance is placed at 104.60 levels. The pair is expected to find resistance with higher level and trade weak below 104.20 level up to 104.10 and 104.00 levels
* The JPY/INR futures pair has support at 55.90 levels whereas resistance is placed at 56.30 levels. The pair is expected to find resistance with higher level and trade weak below 55.90 level up to 55.80 and 55.70 levels
CHART OF THE DAY
JPYINR (DAILY CHART)
Strategy: Intraday
* JPYINR pair traded with negative bias in the last trading session; but prices are trading below horizontal resistance trend line.
* The pair is likely to trade with negative bias and any pullback near immediate resistance of 56.30 level should be taken as selling opportunity targeting 55.90 – 55.80 levels on lower side
* For Intraday session, it has support at 55.90 – 55.80 levels whereas resistance is placed at 56.30 – 56.40 levels
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