The pair is likely to trade with negative bias and any pullback near immediate resistance of 56.60 level - Monarch Networth Capital
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CURRENCY TECHNICAL OUTLOOK
* The USD/INR futures pair has support at 83.20 levels whereas resistance is placed at 83.50 levels. The pair is expected to find support at lower level and trade firm above 83.50 level up to 83.60 and 83.70 levels
* The EUR/INR futures pair has support at 88.40 levels whereas resistance is placed at 88.70 levels. The pair is expected to find resistance at higher level and trade weak below 88.40 level up to 88.30 and 88.20 levels
* The GBP/INR futures pair has support at 101.50 levels whereas resistance is placed at 102.10 levels. The pair is expected to range bound until either side level is breached
* The JPY/INR futures pair has support at 56.30 levels whereas resistance is placed at 56.60 levels. The pair is expected to find resistance at higher level and trade weak below 56.30 level up to 56.20 and 56.10 levels
CHART OF THE DAY
JPYINR (DAILY CHART)
Strategy: Intraday
* JPYINR pair traded with mild 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 56.60 level should be taken as selling opportunity targeting 56.30 – 56.20 levels on lower side
* For Intraday session, it has support at 56.10 – 56.20 levels whereas resistance is placed at 56.60 – 56.70 levels
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