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USDINR

The USDINR pair continued to remain stable despite the strong moves in the Dollar index, majorly because of the selling activities by the central bank. Since the past three sessions the USDINR pair has been range bound, and moving in a 6 odd paisa range. On the daily chart we can see that the USDINR formed a small candle, indicating lack of momentum in the pair. The RSI plotted on the daily chart can be seen flattening around the reference line, indicating lack of momentum in the pair. In the sessions to come, the immediate support for the pair is placed near the 83.00. On the upside the immediate resistance is placed near 83.40-83.50.

EUR/INR 

There were a lot of data releases from the Euro on Tuesday. The EURINR pair finally managed to break above the 88.50, and rallied higher towards the 89.00 mark. On the daily chart, we can see that the pair broke out of a consolidation and formed a strong bullish candle. The RSI plotted on the daily chart can be seen moving higher towards the overbought zone, indicating increasing bullish momentum in the pair. In the sessions to come, the immediate support is placed near the 88.50-88.30. The immediate resistance is placed near the 89.10-89.20

JPY/INR  

The BoJ disappointed the traders yet again, the USDJPY pair rallied higher towards the 151.00 mark. The JPYINR opened on a negative note, and then tanked lower for the rest of the session. On the daily chart we can see that the pair formed a bearish candle, indicating presence of bearishness in the pair The RSI plotted on the daily chart can be seen moving lower towards the oversold zone, indicating presence of bearishness in the pair. In the sessions to come we might see the pair find resistance near the 55.80-56.00. On the downside the 55.30-55.10 is expected to act as a support.

GBP/INR 

The sudden change in the Risk sentiment and the dollar softening helped the Pound move higher. The GBPINR broke out of a multi session consolidation, and rallied higher towards 101.70 On the daily chart we can see that the pair formed a strong bullish candle, indicating presence of bullishness in the trend. The RSI plotted on the daily chart can be seen moving higher, indicating increasing bullish momentum in the pair. In the sessions to come we might see the immediate support come in near the 101.30- 101.00 On the upside the immediate resistance is placed near the 102.00 zone

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