CURRENCY MARKET ANALYSIS - January 11, 2024

This report presents a comprehensive analysis of the currency market on January 11, 2024, focusing on major currency pairs using closing data from January 10, 2024.

USD/INR: In the recent trading session, the USD/INR currency pair closed at 83.09, indicating a bearish trend. Momentum indicators suggest a downward trend, and the daily chart reveals a black candle closing below the previous day's close, signaling a bearish sentiment. The pair encounters intraday resistance at 83.11, and remaining below this level may result in a further downtrend in the coming days. The nearest intraday support is at 83.05 levels.

Intraday Levels: Support - 83.05, 83.00, 82.95; Resistance - 83.11, 83.17, 83.23 (15-Minute Charts)

Positional Trading: Support - 83.00-82.50; Resistance - 83.25-83.45

GBP/INR: The GBP/INR currency pair concluded the preceding trading session negatively at 105.70. Momentum indicators suggest a negative trend, and the daily chart displays a small black candle, closing below the previous day's close. On the higher side, the pair faces intraday resistance at 105.75. Remaining below this level may lead to further downside today; otherwise, a pullback rally can be expected.

Intraday Levels: Support - 105.55, 105.30, 105.10; Resistance - 105.75, 106.00, 106.20 (15-Minute Charts)

Positional Trading: Support - 105.20-104.00; Resistance - 106.40-107.80

EUR/INR: The EUR/INR currency pair concluded the prior trading session at 91.00, reflecting a bearish bias. Momentum indicators suggest a negative trend, and the daily chart displays a Doji candle closing below the previous day's close, indicating a negative bias. The pair has intraday support at the 90.90 level, and if it moves below this level, further downside moves can be expected today. For a positive trend, it needs to move above 91.10.

Intraday Levels: Support - 90.90, 90.75, 90.60; Resistance - 91.10, 91.25, 91.40 (15-Minute Charts)

Positional Trading: Support - 90.70-89.75; Resistance - 91.60-92.50

JPY/INR: Closing the prior trading session at 57.52, the JPY/INR currency pair displayed a negative trend. The daily chart exhibited a black candle pattern and closed below the previous day's close, indicating a negative bias. Momentum indicators signal a negative trend. On the higher side, the pair encounters short-term resistance at 57.60; if remaining below this level, it may lead to a further downtrend.

Intraday Levels: Support - 57.50, 57.30, 57.10; Resistance - 57.70, 57.90, 58.10 (15-Minute Charts)

Positional Trading: Support - 56.80-56.00; Resistance - 57.60-58.40