Currency Market Analysis - December 12, 2023

Welcome to our detailed market analysis report for December 12, 2023, providing an in-depth technical assessment of major currency pairs based on the closing data from December 11, 2023.

USD/INR: In the previous trading session, the USD/INR currency pair concluded at 83.42, closing just below the prior day's close. Momentum indicators suggest a positive trend, with the daily chart revealing a small black candle and consolidating above short-term support at 83.40. If it remains above this level, the consolidation can continue for a few more days. A slightly negative trend can be expected if it falls below the support level.

Intraday Levels: Support: 83.40, 83.37, 83.34 Resistance: 83.43, 83.46, 83.50 (15-Minute Charts) Positional Trading: Support: 83.40-83.13 Resistance: 83.60-83.90

GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 104.90 on a bearish note. Momentum indicators suggest a bearish trend, and the daily chart displays a white candle pattern but closed below the previous day's close, indicating a negative trend. Short-term resistance is observed at 105.20, and staying below this level could sustain the negative trend, with the next short-term support at 104.00.

Intraday Levels: Support: 104.80, 104.60, 104.40 Resistance: 105.00, 105.20, 105.40 (15-Minute Charts) Positional Trading: Support: 104.00-103.00 Resistance: 105.20-106.25

EUR/INR: The EUR/INR currency pair concluded the prior trading session at 89.93, below the previous day's close. Momentum indicators suggest a bearish trend, and the daily chart displays a Doji candle pattern and closed below the previous day's close. Intraday resistance is at 89.95, with support at 89.80. If the pair remains below 89.95, then further downside movement can be expected; otherwise, a slightly positive trend is anticipated.

Intraday Levels: Support: 89.80, 89.65, 89.50 Resistance: 89.95, 90.10, 90.25 (15-Minute Charts) Positional Trading: Support: 89.45-88.30 Resistance: 90.35-91.35

JPY/INR: Closing the prior trading session at 57.28, the JPY/INR currency pair displayed a bearish trend. The daily chart exhibited a black candle pattern and closed well below the previous day's close, indicating a negative bias. Momentum indicators signal a positive trend. Short-term support is at 57.20 levels; if it moves below this level, further downside movement can be expected. Otherwise, a pullback rally can be expected from the support area.

Intraday Levels: Support: 57.20, 57.00, 56.80 Resistance: 57.40, 57.60, 57.80 (15-Minute Charts) Positional Trading: Support: 57.20-56.50 Resistance: 58.00-58.80