CURRENCY MARKET ANALYSIS - JANUARY 24, 2024, BASED ON CLOSING DATA OF JANUARY 23, 2024

USD/INR: In the recent trading session, the USD/INR currency pair closed at 83.16, indicating a positive trend. The momentum indicators point towards a downward trend, the daily chart reveals a black candle but closing above the previous close, reflecting a positive sentiment. On the higher side, the pair faces short-term resistance at 83.25. A close above this level may turn the short-term trend positive; otherwise, consolidation can persist for a few more days.

Intraday Levels: Support: 83.14, 83.08, 83.02 Resistance: 83.20, 83.26, 83.32 (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 105.63 with a positive bias. While momentum indicators suggest a downward trend, the daily chart displays a Doji candle closing above the previous close, indicating a positive bias. On the downside, the pair finds intraday support at 105.56, while resistance is at 105.75. If it moves below 105.56, a slightly negative trend can be expected today.

Intraday Levels: Support: 105.56, 105.32, 105.15 Resistance: 105.75, 105.90, 106.10 (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 90.39, reflecting a negative bias. The momentum indicators signal a downward trend, the daily chart displays a black candle and closing below the previous day's close, indicating a negative trend. The pair encounters short-term resistance at the 90.70 level, and for a bullish trend, it needs to surpass this level; otherwise, the recent downtrend may continue.

Intraday Levels: Support: 90.30, 90.20, 90.10 Resistance: 90.40, 90.50, 90.60 (15-Minute Charts) Positional Trading: Support: 89.75-88.85 Resistance: 90.70-91.60

JPY/INR: JPY/INR closed at 56.29, higher than the previous day's close. The daily chart exhibited a white candle pattern and closed above the previous close, indicating a positive trend. While momentum indicators signal a negative trend, the nearest short-term support is at 56.00 levels. If the pair trades and sustains above this level, the short-term trend can turn bullish in the coming days.

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