CURRENCY MARKET ANALYSIS - January 10, 2024
This report provides a comprehensive analysis of the currency market on January 10, 2024, with a focus on major currency pairs utilizing closing data from January 09, 2024.
USD/INR: The USD/INR currency pair closed at 83.19 in the recent trading session, indicating a bearish bias. While momentum indicators suggest a downward trend, the daily chart reveals a white candle closing below the previous day's close, signaling a bearish sentiment. The pair faces short-term resistance at 83.25, and remaining below this level may result in a further downtrend in the coming days. The nearest intraday support is at 83.17 levels.
Intraday Levels: Support: 83.17, 83.11, 83.05; Resistance: 83.22, 83.30, 83.35 (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 positively at 105.77. Momentum indicators suggest a negative trend, and the daily chart displays a black candle but closed above the previous day's close. On the lower side, the pair has intraday support at 105.75. Remaining above this level may lead to further upside today, otherwise, a slightly negative trend can be expected.
Intraday Levels: Support: 105.75, 105.55, 105.30; Resistance: 106, 106.20, 106.40 (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 91.02, reflecting a bearish bias. Momentum indicators suggest a negative trend, and the daily chart displays a black candle closing below the previous day's close, indicating a negative bias. The pair has intraday support at the 91.00 level, and if it moves below this level, further downside moves can be expected today. For a positive trend, it needs to move above 91.20.
Intraday Levels: Support: 91.00, 90.80, 90.60; Resistance: 91.20, 91.40, 91.60 (15-Minute Charts)
Positional Trading: Support: 90.70-89.75; Resistance: 91.60-92.50
JPY/INR: Closing the prior trading session at 57.94, the JPY/INR currency pair displayed a positive trend. The daily chart exhibited a black candle pattern but closed above the previous day's close, indicating a positive bias. Momentum indicators signal a negative trend. The nearest intraday support is at 57.93 levels; remaining above this level may lead to further upside moves. Otherwise, a slightly negative trend can be anticipated.
Intraday Levels: Support: 57.93, 57.73, 57.53; Resistance: 58.15, 58.35, 58.50 (15-Minute Charts)
Positional Trading: Support: 57.60-56.80; Resistance: 58.40-59.25