CURRENCY MARKET ANALYSIS - January 01, 2024
This report provides a comprehensive market analysis for January 01, 2024, focusing on major currency pairs and utilizing closing data from December 29, 2023.
USD/INR: In the recent trading session, the USD/INR currency pair concluded positively at 83.26. Momentum indicators suggest a negative trend, and the daily chart displays a black candle, but closing above the previous day's close. The pair faces intraday resistance at 83.30, while support is at 83.25. A breakout from either of these levels will determine today's direction.
Intraday Levels: Support: 83.25, 83.18, 83.13 Resistance: 83.30, 83.38, 83.44 (15-Minute Charts) Positional Trading: Support: 83.15-82.70 Resistance: 83.45-83.80
GBP/INR: The GBP/INR currency pair concluded the preceding trading session negatively at 105.95. Momentum indicators suggest a negative trend, with the daily chart displaying a black candle pattern closing below the previous day's candle low. This pattern indicates a slightly negative bias. On the lower side, the pair has intraday support at 105.75. If the pair moves below this level, further downside movement can be expected today.
Intraday Levels: Support: 105.75, 105.60, 105.40 Resistance: 106.00, 106.20, 106.40 (15-Minute Charts) Positional Trading: Support: 105.00-104.00 Resistance: 106.40-108.00
EUR/INR: The EUR/INR currency pair concluded the prior trading session at 92.14, reflecting a negative bias. Momentum indicators suggest a positive trend, with the daily chart displaying a black candle pattern closing below the previous day's close, indicating a negative bias. The pair has short-term resistance at the 92.50 level; remaining below this level may lead to further downside movement. The next short-term support remains at 91.60 levels.
Intraday Levels: Support: 92.03, 91.85, 91.70 Resistance: 92.25, 92.40, 92.60 (15-Minute Charts) Positional Trading: Support: 91.60-90.80 Resistance: 92.50-93.40
JPY/INR: Closing the prior trading session at 58.97, the JPY/INR currency pair displayed a negative trend. The daily chart exhibited a black candle pattern, closing below the previous day's close, indicating a negative bias. Momentum indicators signal a positive trend, with short-term resistance at 59.50 levels; if it remains below this level, further profit booking can be expected in the coming days.
Intraday Levels: Support: 58.90, 58.75, 58.60 Resistance: 59.00, 59.13, 59.25 (15-Minute Charts) Positional Trading: Support: 58.80-57.50 Resistance: 59.50-60.50