CURRENCY MARKET ANALYSIS - JANUARY 23, 2024, BASED ON CLOSING DATA OF JANUARY 19, 2024

USD/INR: In the recent trading session, the USD/INR currency pair closed at 83.08, indicating a bearish sentiment. Momentum indicators point towards a downward trend, and the daily chart reveals a black candle closing below the previous close, reflecting a negative sentiment. Further downward movement is expected if the pair breaches the intraday support at 83.05. To establish a positive trend, the pair must surpass the resistance at 83.15.

Intraday Levels:  Support: 83.05, 83.96, 82.90 Resistance: 83.13, 83.20, 83.27 (15-Minute Charts)

Positional Trading:  Support: 83.00-82.75 Resistance: 83.25-83.45

GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 105.38 with a negative bias. Momentum indicators suggest a downward trend, and the daily chart displays a black candle closing below the previous close, indicating a bearish bias. On the downside, the pair has short-term support at 105.20. Remaining above this level may lead to consolidation while moving below could resume the recent downtrend.

Intraday Levels: Support: 105.32, 105.15, 104.95 Resistance: 105.56, 105.75, 105.90 (15-Minute Charts)

Positional Trading: Support: 105.20-104.00 Resistance: 106.35-107.50

EUR/INR: The EUR/INR currency pair concluded the prior trading session at 90.51, reflecting a negative bias. Despite momentum indicators signaling a downward trend, the daily chart displays a Doji candle closing below the previous day's close, indicating uncertainty. The pair has short-term resistance at the 90.70 level, and for a bullish trend, the index needs to surpass this level. Otherwise, the recent downtrend may continue.

Intraday Levels: Support: 90.40, 90.30, 90.20 Resistance: 90.55, 90.70, 90.80 (15-Minute Charts)

Positional Trading:  Support: 89.75-88.85 Resistance: 90.70-91.60

JPY/INR: JPY/INR closed at 56.23, lower than the previous day's close. The daily chart exhibited a Doji candle pattern and closed below the previous close, indicating a negative trend. Momentum indicators signal a negative trend. The nearest short-term support is at 56.00 levels. If the pair trades and sustains below this level, the downtrend can continue in the coming days; otherwise, a pullback rally can be expected from the support level.

Intraday Levels: Support: 56.20, 56.05, 55.90 Resistance: 56.35, 56.50, 56.65 (15-Minute Charts)

Positional Trading: Support: 56.00-55.15 Resistance: 56.80-57.65