USDINR to test 55.30 level...


USDINR in daily charts has closed near the high of the previous day around 55. For further positive confirmation USDINR need to close above 55.13 for further upmove.

Currently it is moving in a sideways direction within a stiff range of 55-54.20. A close above 55.13 will breach the resistance of 50% of the retracement of the previous upmove (57-54.20) which will push prices to 55.30 levels which is 61.8% of the retracement.

The scenario is different as compared to previous month in this pair as wave counts are very tricky and we have to rely on basic technical tools and support levels.

In short, our bias for USDINR is still positive as far as 54.20 is intact. Expect this currency pair to move upto 55.30 in coming trading sesions.

GBPINR has rallied in a positive direction and broke the range of 88.50-87 on the upside. Now as far 88.70 is intact expect an upside for this pair. 

GBPINR is hovering near the previous top of 89.65. Currently prices are moving in a stiff range of 89.50-89 as it moving in sync with USDINR. Any break above 89.50 can lead prices to cross 89.65.

In short, GBPINR is positively biased as far as 88.70 is intact . Expect an upmove till 89.65-89.80 levels over short term in this currency pair.


EURINR was an outperformer as compared to other INR pairs over short term. The currency pair has crossed 72.70 and can move further up from current level.

As EURINR has crossed 72.70 on closing basis, expect more buying pressure in this pair. Since it has retraced more than 100% , expect it to move till 127% in cominng sessions which is places at 73.20 levels.

As far as 72 is intact fresh longs can be initated.Any move below 72 will change the sentiments and shorts will not be ruled out. 

In short, our bias continues to be positive for EURINR as it can test and can test 73.20 in coming trading sessions.


JPYINR is moving lower by forming lower high & lower low, which is a negative sign for this currency pair.
On 19th December 2012 prices made a low of 64.75 and bounced back from the previous low of 64.80. Currently prices are hovering near the resistance of the upper trend line of falling channel and can move down lower if 65.20 is breached again 65.50 is acting as a good resistance. JPYINR can test 65-64.90 in coming trading sessions.

In short, as far as JPYINR is moving in a downward sloping channel our bias for JPYINR is negative as it can test 65-64.90 levels. However we are cautious if 65.50 is taken out on upside.

By - Megh Mody
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