Currency Market Analysis - December 07, 2023

Welcome to our comprehensive market analysis report for December 07, 2023, providing a detailed technical evaluation of major currency pairs based on the closing data from December 06, 2023.

USD/INR: In the preceding trading session, the USD/INR currency pair concluded at 83.36, signaling a decrease from the previous day's close. Momentum indicators suggest a neutral trend. The daily chart reveals a black candle, closing below the previous day's close. On the higher side, the pair encounters short-term resistance at 83.40. A movement above this level could prompt further upside; otherwise, a slightly negative trend can be expected today.

Intraday Levels: Support: 83.34, 83.30, 83.26 Resistance: 83.38, 83.42, 83.46 (15-Minute Charts)

Positional Trading: Support: 83.13-82.80 Resistance: 83.40-83.60

GBP/INR: The GBP/INR currency pair concluded the previous trading session at 104.97 on a negative note. While momentum indicators suggest a bullish trend, the daily chart displays a black candle pattern, closing below the previous support at 105.20, indicating a negative bias. Remaining below this level could lead to a continuation of the negative trend. The next short-term support is at 104.00 levels.

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 90.05, below the previous day's close. Momentum indicators suggest a bearish trend, and the daily chart displays a black candle pattern, closing below the support at 90.40. If the pair remains below this level, further downside movement can be expected. The next short-term support remains at 89.45 levels.

Intraday Levels: Support: 89.92, 89.72, 89.55 Resistance: 90.10, 90.35, 90.60 (15-Minute Charts)

Positional Trading: Support: 89.45-88.30 Resistance: 90.35-91.35

JPY/INR: Closing the previous trading session at 56.82, the JPY/INR currency pair displayed a negative trend. The daily chart exhibited a black candle pattern, closing below the previous day's close, indicating a negative bias. Momentum indicators are signaling a positive trend. The short-term resistance at 57.25 is crucial; if the pair stays below this level, further downside movement can be expected. The next short-term support is at 56.50 levels.

Intraday Levels: Support: 56.80, 56.65, 56.50 Resistance: 56.95, 57.10, 57.25 (15-Minute Charts)

Positional Trading: Support: 56.50-55.75 Resistance: 57.25-58.25