CURRENCY MARKET ANALYSIS - January 08, 2024

This report offers a comprehensive analysis of the currency market on January 08, 2024, with a focus on major currency pairs using closing data from January 05, 2024.

USD/INR: In the recent trading session, the USD/INR currency pair closed at 83.22, indicating a negative bias. While momentum indicators suggest a neutral trend, the daily chart reveals a black 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 83.20 levels.

Intraday Levels: Support: 83.20, 83.15, 83.10 Resistance: 83.26, 83.33, 83.42 (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 negatively at 105.30. Momentum indicators suggest a negative trend, and the daily chart displays a black candle closing near the short-term support at 105.20. A move below this level may lead to further downside in the coming days.

Intraday Levels: Support: 105.23, 105.07, 104.90 Resistance: 105.42, 105.57, 105.75 (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 90.91, reflecting a negative bias. Momentum indicators suggest a negative trend, and the daily chart displays a black candle closing below the previous day's close, indicating a bearish bias. The pair has short-term support at the 90.70 level, and if it moves below this level, further downside moves can be expected in the coming days.

Intraday Levels: Support: 90.85, 90.70, 90.50 Resistance: 91.05, 91.20, 91.40 (15-Minute Charts)

Positional Trading: Support: 90.70-89.75 Resistance: 91.60-92.50

JPY/INR: Closing the prior trading session at 57.55, the JPY/INR currency pair displayed a negative trend. The daily chart exhibited a long black candle pattern, closing near the day's low, indicating a bearish bias. Momentum indicators signal a negative trend, with intraday resistance at 58.00 levels; if remaining below this level may lead to further downside moves. The next short-term support is at 56.85.

Intraday Levels: Support: 58.00, 57.80, 57.60 Resistance: 58.20, 58.40, 58.60 (15-Minute Charts)

Positional Trading: Support: 56.85-56.00 Resistance: 56.70-58.40