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USD/INR:

• The USDINR pair has been witnessing a slow and steady drift lower. In the previous week, the pair tested a low of 82.90. the price action suggest that the consolidation range of the pair has shifted lower and is now between 82.90 on the downside and 83.15-83.20 on the upside.

• On the daily time frame the RSI can be seen hovering around the reference line, indictaing lack of momentum in the pair.

• In the previous strong selling from foreign banks pushed the pair lower, the overall bias of the pair continues to be range bound, so any move higher towards the 83.20- 83.30 can be used as a selling opportunity with a target of 82.90 – 82.80. we recommend a strict stop loss of 83.40 on the upside

Fundamental news on USDINR:

• In the week that passed by, we had a few FED members talking about their policy and the general tone was a bit hawkish, most of them supported the higher for longer mantra, and mentioned that the Jobs market and the inflation needs to cool off

• The coming week will be very crucial as we have a lot of data releases from the US economy, starting off with the inflation data, Retail sales, manufacturing index and then we have PPI data, along with that we have a few FED members addressing the media

Strategy for coming week:

Sell on rise near 83.20 Stop Loss @ 83.40 View: Range bound Target @ 82.90- 82.80

EUR/INR:

• In the week that passed by the EURINR was broadly range bound. The price action suggests that the pair has halted the lower low lower high pattern that was under formation since late December 2023.

• The RSI plotted on the daily chart has been suggesting increasing bearish momentum in the pair

• Going by the price action, any dips towards 89.30 seems like a good buying opportunity, for a target of 90.00 and 90.20. We recommend a strict stop loss of 89.00 on the downside.

Fundamental news on EURINR:

• In the week that passed by, there were no major data releases from the bloc or the US economy, this pushed the EURINR pair in a range.

• In the coming week, again we do not have any market moving data, so we might see the pair continue to dependent on the trend and direction of the Dollar.

Strategy for coming week:

Buy on dips near 89.30 Stop Loss @ 89.00 View: Bullish Target @ 90.00- 90.20

GBP/INR:

• In the week that passed by the GBPINR pair moved and sustained below the 105.00 mark which has been the lower bound of the consolidation range for about two months.

• The RSI plotted on the daily chart can be seen moving lower, indictaing increasing bearish momentum in the pair.

• Going by the price action the pair seems to be facing strong rejection near the 105.00 mark. So, in the sessions to come can use this up move towards 105.00 as a selling opportunity and expect the pair to move lower towards 104.00 and 103.90. we recommend a strict stop loss of 105.10

Fundamental news on GBPINR:

• In the week that passed by, the pound was majorly dependent on the general risk sentiment and the trend and direction of the Dollar.

• In the coming week, we have a fair few data releases from the UK economy, starting off with the BOE Gov Bailey speaking in England, followed by Claimant Count Change, inflation GDP and the retail sales data.

Strategy for coming week:

Sell on rise near @104.90 Stop Loss @ 105.10 View: Bearish Target @ 104.00 – 103.90

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