CURRENCY MARKET ANALYSIS - February 02, 2024
USD/INR: The USD/INR currency pair closed at 83.05 in the recent trading session, indicating a bearish bias. Momentum indicators suggest a neutral trend, with the daily chart showing a black candle closing below the previous close, reflecting negative sentiment. On the upside, the pair faces intraday resistance at the 83.10 level. Sustaining below this level could extend the downtrend in the coming days.
Intraday Levels: Support: 83.02, 82.95, 82.90 Resistance: 83.10, 83.15, 83.20 (15-Minute Charts)
Positional Trading: Support: 83.00-82.75 Resistance: 83.20-83.45
GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 104.94 with a negative bias. Momentum indicators suggest a downward trend, with the daily chart displaying a black candle closing below the previous close, indicating a negative sentiment. Short-term resistance at 105.20 might impede upward movement, potentially sustaining the negative trend.
Intraday Levels: Support: 104.85, 104.70, 104.55 Resistance: 105.00, 105.15, 105.30 (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 89.87, reflecting a bearish bias. Momentum indicators signal a downward trend, and the daily chart displays a black candle closing below the previous day's candle, indicating negative sentiment. The nearest short-term support is at 89.75, with further downtrend expected if the pair moves below this level.
Intraday Levels: Support: 89.80, 89.70, 89.55 Resistance: 89.95, 90.05, 90.15 (15-Minute Charts)
Positional Trading: Support: 89.75-88.85 Resistance: 90.70-91.60
JPY/INR: The pair closed at 56.84, higher than the previous day's close, with the daily chart exhibiting a black candle pattern but closing above the resistance at 56.80, indicating positive sentiment. Momentum indicators signal a positive trend. If the pair remains above 56.80, the positive trend can continue in the coming days.
Intraday Levels: Support: 56.75, 56.62, 56.50 Resistance: 56.90, 57.00, 57.10 (15-Minute Charts)
Positional Trading: Support: 56.80-56.00 Resistance: 57.65-58.50