CURRENCY MARKET ANALYSIS - February 07, 2024

USD/INR: The USD/INR currency pair closed at 83.11 in the recent trading session, indicating a positive trend. Despite momentum indicators suggesting a negative trend, the daily chart reveals a small white candle closing slightly above the previous close, reflecting positive sentiment. The pair encounters intraday resistance at the 83.13 level, with a potential continuation of the positive trend if this level is breached. Immediate intraday support is observed at 83.07 levels.

Intraday Levels: Support: 83.07, 83.02, 82.95 Resistance: 83.13, 83.17, 83.22 (15-Minute Charts)

Positional Trading: Support: 83.00-82.75 Resistance: 83.20-83.40

GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 104.31 with a negative bias. Momentum indicators signal a downward trend, with the daily chart displaying a black candle closing well below the previous close, indicating negative sentiment. On the lower side, the pair has short-term support at the 104 level. If the pair closes below this level, a further downtrend can be expected. Immediate intraday resistance is noted at the 104.50 level.

Intraday Levels: Support: 104.25, 104.00, 103.80 Resistance: 104.50, 104.75, 104.95 (15-Minute Charts)

Positional Trading: Support: 104.00-103.00 Resistance: 105.20-106.35

EUR/INR: The EUR/INR currency pair concluded the prior trading session at 89.33, reflecting a negative bias. Momentum indicators signal a downward trend, with the daily chart displaying a black candle closing below the previous day's candle, indicating negative sentiment. Short-term resistance is observed at 89.40; if the pair remains below this level, the downtrend may persist in the coming days.

Intraday Levels: Support: 89.20, 89.00, 88.80 Resistance: 89.40, 89.55, 89.70 (15-Minute Charts)

Positional Trading: Support: 88.85-88.00 Resistance: 89.75-90.70

JPY/INR: The pair closed at 56.12, lower than the previous day's close, with the daily chart exhibiting a black candle pattern, closing below the previous day's close, indicating negative sentiment. Momentum indicators signal a neutral trend. Short-term support for the pair is at the 56.00 level. Should the pair move below this level, the downtrend may persist; otherwise, a pullback rally can be expected from the support area.

Intraday Levels: Support: 56.10, 56.00, 55.85 Resistance: 56.25, 56.40, 56.50 (15-Minute Charts)

Positional Trading: Support: 56.00-55.25 Resistance: 56.80-57.65