The rally in the US Dollar has been putting the Euro pairs under a lot of pressure - Axis Securities
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USDINR
The USDINR pair was very much range bound, and traded in 10 odd paisa range. On the daily chart the pair made a small bodied candle, indicating lack of momentum in the pair ahead of the PCE data. The RSI plotted on the daily chart has been hovering around the 50 mark, indicating lack of momentum in the pair. In the sessions to come, 83.40-83.50 is expected to act as a resistance level. On the downside the immediate support is placed near the 83.10-83.00.
EURINR
The rally in the US Dollar has been putting the Euro pairs under a lot of pressure. The EURINR witnessed a major hammering, as we moved towards the end of the trading sessions. On the daily chart, the pair has been forming a lower low lower high pattern, indicating presence of bearishness in the pair. The RSI plotted on the daily chart can be seen moving lower, indicating presence of bearish momentum in the pair. The pair managed to move below the 88.00 a psychological level on a closing basis, so in the sessions to come, we might see the pair move lower towards the 87.50 zone. On the upside the immediate resistance is placed near the 88.50.
JPYINR
The up move in the pair US 10 year bond
yields, and the Dollar index has been
putting a lot of pressure on the Yen. The
USDJPY pair rallied higher above the
149.00 mark.
The JPYINR continued to move lower and
broke below the 56.30 zone, indicating
presence of bearishness in the pair.
The RSI plotted on the daily chart continues
to hover around the oversold zone,
indicating lack of momentum in the pair.
In the sessions to come we might see the
pair find resistance near the 56.50 level.
On the downside the 56.00-55.80 is
expected to act as a support.
GBPINR
The sour risk sentiment and the up move in the Dollar index put some pressure on the GBPUSD pair. The GBPINR pair opened on a negative note and then continued to move lower throughout the session, indicating bearishness in the pair The RSI plotted on the daily chart can be seen moving lower, indicating presence of bearishness in the pair. In the sessions to come we might see the immediate support come in near the 101.00 On the upside the immediate resistance is placed near the 101.70 zone.
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