The USD/INR futures pair has support at 83.00 levels whereas resistance is placed at 83.30 levels - Monarch Networth Capital Ltd
CURRENCY TECHNICAL OUTLOOK
* The USD/INR futures pair has support at 83.00 levels whereas resistance is placed at 83.30 levels. The pair is expected to range bound until either side level is breached
* The EUR/INR futures pair has support at 89.20 levels whereas resistance is placed at 89.60 levels. The pair is expected to find support at lower and trade firm above 89.60 level up to 89.70 and 89.80 levels
* The GBP/INR futures pair has support at 104.10 levels whereas resistance is placed at 104.60 levels. The pair is expected to find support at lower and trade firm above 104.60 level up to 104.70 and 104.80 levels
* The JPY/INR futures pair has support at 56.00 levels whereas resistance is placed at 56.40 levels. The pair is expected to find support at lower and trade firm above 56.40 level up to 56.50 and 56.60 levels
CHART OF THE DAY GBPINR (DAILY CHART)
Strategy: Intraday
* GBPINR pair traded with negative bias in the last trading session; and prices are trading below downward trend line but due to oversold, it rebounded from lower level.
* The pair is likely to trade with positive bias and any pullback near immediate support of 104.10 level should be taken as buying opportunity targeting 104.60 – 104.70 levels on lower side
* For Intraday session, it has support at 104.10 – 104.00 levels whereas resistance is placed at 104.60 – 104.70 levels
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