CURRENCY MARKET ANALYSIS - January 02, 2024

This report presents a comprehensive market analysis for January 02, 2024, focusing on major currency pairs and utilizing closing data from January 01, 2024.

USD/INR: In the recent trading session, the USD/INR currency pair concluded positively at 83.28. Momentum indicators suggest a negative trend, and the daily chart displays a black candle, closing above the previous day's close. The pair faces intraday resistance at 83.32, while support is at 83.26. A move above 83.32 could lead to a further uptrend; otherwise, a slightly negative trend can be expected.

Intraday Levels: Support: 83.26, 83.20, 83.15 Resistance: 83.32, 83.36, 83.42 (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 105.92. Momentum indicators suggest a negative trend, with the daily chart displaying a Doji 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 105.80. A move below this level could lead to further downside movement today.

Intraday Levels: Support: 105.80, 105.60, 105.40 Resistance: 106.12, 106.37, 106.60 (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 92.12, reflecting a negative bias. Momentum indicators suggest a positive trend, with the daily chart displaying a Doji candle pattern closing below the previous day's close, indicating a negative bias. The pair has intraday support at the 92.00 level, while the resistance is at 92.20. For a direction, the pair needs to break out from either of these levels.

Intraday Levels: Support: 92.00, 91.90, 91.70 Resistance: 92.20, 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 59.03, the JPY/INR currency pair displayed a positive trend. The daily chart exhibited a black candle pattern, closing above the previous day's close, indicating a positive bias. Momentum indicators signal a positive trend, with short-term resistance at 59.25 levels; if it surpasses this level, further upside moves can be expected. Otherwise, the pair may face profit booking at the resistance level.

Intraday Levels: Support: 59.00, 58.85, 58.70 Resistance: 59.15, 59.27, 59.40 (15-Minute Charts)

Positional Trading: Support: 58.40-57.65 Resistance: 59.25-60.00