CURRENCY MARKET ANALYSIS - February 08, 2024

USD/INR: The USD/INR currency pair closed at 83.04 in the recent trading session, indicating a downward trend. Momentum indicators suggest a negative trend, with the daily chart showing a black candle closing below the previous close, reflecting bearish sentiment. The pair faces intraday resistance at the 83.07 level; remaining below this level could extend the downtrend. Immediate short-term support is seen at 83.00 levels.

Intraday Levels: Support: 83.00, 82.95, 82.90 Resistance: 83.07, 83.13, 83.18 (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 104.86 with a bullish bias. While momentum indicators signal a downward trend, the daily chart displays a white candle closing above the previous close, suggesting bullish sentiment. Intraday resistance for the pair is found at the 104.95 level. Surpassing this level may sustain the positive trend. Immediate intraday support is noted at the 104.75 level.

Intraday Levels: Support: 104.75, 104.50, 104.25 Resistance: 104.95, 105.20, 105.40 (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 89.52, showing a bullish bias. Despite momentum indicators signaling a downward trend, the daily chart reveals a Doji candle closing above the previous day's close, indicating bullish sentiment. Intraday resistance is observed at 89.55; a move above this level could sustain the uptrend.

Intraday Levels: Support: 89.40, 89.20, 89.00 Resistance: 89.55, 89.70, 89.90 (15-Minute Charts)

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

JPY/INR: The pair closed at 56.29, higher than the previous day's close, with the daily chart exhibiting a white candle pattern, closing above the previous day's close, indicating bullish sentiment. Momentum indicators signal a neutral trend. Short-term support for the pair is at the 56.00 level. A move below this level may extend the downtrend, while a bounce back can be anticipated from the support area.

Intraday Levels: Support: 56.25, 56.10, 56.00 Resistance: 56.40, 56.50, 56.65 (15-Minute Charts)

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