CURRENCY MARKET ANALYSIS - January 17, 2024

This report provides a comprehensive analysis of the currency market as of January 17, 2024, focusing on major currency pairs and utilizing closing data from January 16, 2024.

USD/INR: In the recent trading session, the USD/INR currency pair closed at 83.16, signaling a positive bias. While momentum indicators depict a downward trend, the daily chart displays a long white candle that closed near the day's high, indicating positive sentiment. Further positive movement can be expected in the coming days if the pair remains above the 83.13 level. Otherwise, a slightly negative trend can be anticipated.

Intraday Levels: Support: 83.13, 83.05, 82.96 Resistance: 83.20, 83.27, 83.35 (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 105.06 with a negative bias. Momentum indicators suggest a downward trend, and the daily chart displays a black candle closing below the previous support at 105.20. If the pair remains below this level, it may lead to further downtrend today. The nearest intraday support is at 104.95.

Intraday Levels: Support: 104.95, 104.75, 104.55 Resistance: 105.15, 105.32, 105.50 (15-Minute Charts)

Positional Trading: Support: 104.00-102.65 Resistance: 105.20-106.40

EUR/INR: The EUR/INR currency pair concluded the prior trading session at 90.56, reflecting a negative bias. Momentum indicators suggest a downward trend, and the daily chart displays a black candle closing below the previous day's close, indicating a negative bias. The pair has short-term resistance at the 90.70 level, and if it remains below this level, further downside moves can be expected in the coming days. The nearest intraday support is at 90.50.

Intraday Levels: Support: 90.50, 90.35, 90.20 Resistance: 90.65, 90.75, 90.85 (15-Minute Charts)

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

JPY/INR: JPY/INR closed at 56.88, lower than the previous day's close. The daily chart exhibited a black candle pattern and closed below the previous close, indicating a negative trend. Momentum indicators signal a negative trend. If the pair trades and sustains below 56.80, the downtrend can continue in the coming days. Otherwise, a pullback rally can be expected from 56.80 levels.

Intraday Levels: Support: 56.75, 56.60, 56.45 Resistance: 56.90, 57.05, 57.20 (15-Minute Charts)

Positional Trading: Support: 56.80-56.00 Resistance: 57.60-58.50