CURRENCY MARKET ANALYSIS - January 11, 2024
This report presents a comprehensive analysis of the currency market as of January 11, 2024, focusing on major currency pairs and utilizing closing data from January 10, 2024.
USD/INR: In the recent trading session, the USD/INR currency pair closed at 83.08, indicating a negative bias. Momentum indicators suggest a downward trend, with the daily chart revealing a white candle,but closing below the previous day's close, signaling a bearish sentiment. The pair faces intraday resistance at 83.11, and remaining below this level may result in a further downtrend in the coming days. The nearest short-term support is at 83.00 levels.
Intraday Levels: Support: 83.05, 83.00, 82.95 Resistance: 83.11, 83.17, 83.23 (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 positively at 105.99. Momentum indicators suggest a negative trend, and the daily chart displays a white candle andclosed above the previous day's close. On the higher side, the pair has intraday resistance at 106.05. Surpassing above this level may lead to further upside today; otherwise, a slightly negative trend can be expected.
Intraday Levels: Support: 105.90, 105.75, 105.55 Resistance: 106.05, 106.20, 106.40 (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 91.25, reflecting a positive bias. Momentum indicators suggest a negative trend, and the daily chart displays a small white candle closing above the previous day's close, indicating a positive bias. The pair has intraday resistance at the 91.27 level, and if it moves above this level, further upside moves can be expected today. Otherwise, it may consolidate below this level for today.
Intraday Levels: Support: 91.10, 90.95, 90.75 Resistance: 91.27, 91.40, 91.55 (15-Minute Charts)
Positional Trading: Support: 90.70-89.75 Resistance: 91.60-92.50
JPY/INR: Closing the prior trading session at 57.32, the JPY/INR currency pair displayed a negative trend. The daily chart exhibited a Doji candle pattern and closed below the previous day's close, indicating a negative bias. Momentum indicators signal a negative trend. The nearest intraday support is at 57.20 levels; if the pair moves below this level, it may lead to further downside moves. For a pullback rally, the pair needs to surpass 57.40 levels.
Intraday Levels: Support: 57.93, 57.73, 57.53 Resistance: 58.15, 58.35, 58.50 (15-Minute Charts)
Positional Trading: Support: 57.60-56.80 Resistance: 58.40-59.25