CURRENCY MARKET ANALYSIS - DECEMBER 21, 2023

We present a comprehensive market analysis report for December 21, 2023, providing an in-depth technical evaluation of major currency pairs based on closing data from December 20, 2023.

USD/INR: In the recent trading session, the USD/INR currency pair concluded at 83.22, surpassing the prior day's close. Momentum indicators suggest a negative trend, as observed in the daily chart showing a white candle closing just above the previous day's close. The pair faces short-term resistance at 83.25, and if surpassed, a positive trend may persist in the coming days. Otherwise, a slight negative trend can be anticipated.

Intraday Levels: Support: 83.15, 83.05, 82.95 Resistance: 83.25, 83.35, 83.45 (15-Minute Charts)

Positional Trading: Support: 83.00-82.70 Resistance: 83.25-83.45

GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 105.30 on a negative note. Momentum indicators suggest a bearish trend, with the daily chart displaying a black candle pattern closing near the support at 105.20. Further downside movement can be expected if the pair moves below this level; otherwise, consolidation above this level may occur for a few days.

Intraday Levels: Support: 105.25, 105.05, 104.85 Resistance: 105.45, 105.65, 105.80 (15-Minute Charts)

Positional Trading: Support: 105.20-104.00 Resistance: 106.30-107.40

EUR/INR: The EUR/INR currency pair concluded the prior trading session at 91.05, showing a positive bias. Momentum indicators suggest a neutral trend, with the daily chart displaying a black candle pattern closing above the previous day's close, indicating a positive bias. The pair has intraday support at the 90.90 level, while resistance is at 91.10. Further upside movement can be expected if the pair moves above 91.10, whereas a negative trend requires a move below 90.90.

Intraday Levels: Support: 90.90, 90.75, 90.60 Resistance: 90.10, 91.25, 91.40 (15-Minute Charts)

Positional Trading: Support: 90.45-89.50 Resistance: 91.65-92.40

JPY/INR: Closing the prior trading session at 58.17, the JPY/INR currency pair displayed a positive trend. The daily chart exhibited a white candle pattern, closing above the previous day's close, indicating a positive bias. Momentum indicators signal a positive trend, with intraday resistance at 58.20 levels. If the pair moves above this level, the positive bias can continue today.

Intraday Levels: Support: 58.00, 57.80, 57.60 Resistance: 58.20, 58.40, 58.60 (15-Minute Charts)

Positional Trading: Support: 58.00-57.25 Resistance: 58.80-59.50