Currency Market Analysis - December 08, 2023

Welcome to our in-depth market analysis report for December 08, 2023, offering a comprehensive technical assessment of major currency pairs based on closing data from December 07, 2023.

USD/INR: In the prior trading session, the USD/INR currency pair concluded at 83.41, reflecting an increase from the previous day's close. Momentum indicators suggest a neutral trend, with the daily chart revealing a small white candle closing above short-term resistance at 83.40. Sustaining levels above this point could indicate further upside movement.

Intraday Levels: Support: 83.38, 83.34, 83.30 Resistance: 83.42, 83.46, 83.52 (15-Minute Charts)

Positional Trading: Support: 83.40-83.13 Resistance: 83.60-83.90

GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 104.96 on a negative note. Although momentum indicators suggest a bullish trend, the daily chart displays a white candle pattern closing below the previous day's close, indicating a negative bias. Short-term resistance is observed at 105.20, and remaining below this level could sustain the negative trend, with the next short-term support at 104.00.

Intraday Levels: Support: 104.80, 104.60, 104.40 Resistance: 105.00, 105.20, 105.40 (15-Minute Charts)

Positional Trading: Support: 104.00-103.00 Resistance: 105.20-106.25

EUR/INR: The EUR/INR currency pair concluded the prior trading session at 89.94, below the previous day's close. Momentum indicators suggest a bearish trend, and the daily chart displays a white candle pattern but closed below the previous day's close. Intraday resistance is at 90.00, with support at 89.80. Remaining below the 90.00 level could lead to further downside movement.

Intraday Levels: Support: 89.80, 89.60, 89.40 Resistance: 90.00, 90.20, 90.40 (15-Minute Charts)

Positional Trading: Support: 89.45-88.30 Resistance: 90.35-91.35

JPY/INR: Closing the prior trading session at 57.70, the JPY/INR currency pair displayed a bullish trend. The daily chart exhibited a white candle pattern, closing well above the previous day's close, indicating a bullish bias. Momentum indicators signal a positive trend. Short-term resistance is at 58 levels, and surpassing this level could lead to further upside movement, with the next short-term support at 58.80.

Intraday Levels: Support: 57.68, 57.50, 57.35 Resistance: 57.90, 58.10, 57.30 (15-Minute Charts)

Positional Trading: Support: 57.20-56.50 Resistance: 58.00-58.80