CURRENCY MARKET ANALYSIS - February 09, 2024
USD/INR: The USD/INR currency pair closed at 83.01 in the recent trading session, marking a downward trend. Momentum indicators suggest a negative trajectory, with the daily chart displaying a black candle closing below the previous session, reflecting a bearish sentiment. The pair encounters intraday resistance at the 83.07 level; remaining below this threshold could prolong the downtrend. Immediate short-term support is identified 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 104.65 with a negative bias. Momentum indicators signal a downward trend, as the daily chart displays a black candle closing below the previous session's close, suggesting a downtrend. Intraday resistance for the pair is identified at the 104.75 level. Sustaining below this level could lead to further downtrend expectations. Immediate intraday support is noted at the 104.50 level.
Intraday Levels: Support: 104.50, 104.25, 104.00 Resistance: 104.75, 104.95, 105.10 (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 89.45, displaying a negative bias. Momentum indicators signal a downward trend, as the daily chart reveals a black candle closing below the previous day's close, indicating negative sentiment. Intraday resistance is observed at 89.55; if the pair remains below this level, the downtrend may persist.
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 55.86, lower than the previous day's close, with the daily chart exhibiting a black candle pattern, closing below the previous support at 56.00, indicating a negative trend. Momentum indicators signal a negative trajectory. If the pair remains below 56.00, the downtrend could persist in the coming days.
Intraday Levels: Support: 55.80, 55.65, 55.50 Resistance: 56.00, 56.10, 56.25 (15-Minute Charts)
Positional Trading: Support: 55.25-54.50 Resistance: 56.00-56.80