CURRENCY MARKET ANALYSIS - February 01, 2024

USD/INR: The USD/INR currency pair closed at 83.13 in the recent trading session, signaling a negative bias. Momentum indicators suggest a neutral trend, with the daily chart showing a black candle closing below the previous close, reflecting negative sentiment. Resistance at 83.20 may cap short-term gains, potentially leading to a further downtrend if the pair remains below this level.

Intraday Levels: Support: 83.10, 83.05, 83.00 Resistance: 83.15, 83.20, 83.25 (15-Minute Charts)

Positional Trading: Support: 83.00-82.75 Resistance: 83.20-83.45

GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 105.41 with a negative bias. Momentum indicators suggest a neutral trend, while the daily chart displays a Doji candle closing below the previous close, indicating a negative trend. Intraday resistance at 105.50 might prevent upward movement, below this level potentially sustaining the negative trend.

Intraday Levels: Support: 105.30, 105.15, 105.00 Resistance: 105.50, 105.56, 105.80 (15-Minute Charts)

Positional Trading: Support: 105.20-104.00 Resistance: 106.35-107.50

EUR/INR: The EUR/INR currency pair concluded the prior trading session at 90.18, reflecting a negative bias. Momentum indicators signal a downward trend, and the daily chart displays a Doji candle closing below the previous day's candle, indicating negative sentiment. The nearest intraday support is at 90.10, while resistance is at 90.20. Further downtrend may be expected if the pair remains below the 90.20 level.

Intraday Levels: Support: 90.10, 90.00, 89.90 Resistance: 90.20, 90.30, 90.40 (15-Minute Charts)

Positional Trading: Support: 89.75-88.85 Resistance: 90.70-91.60

JPY/INR: The pair closed at 56.58, lower than the previous day's close, with the daily chart exhibiting a black candle pattern and closing below the previous close, indicating negative sentiment. Momentum indicators signal a negative trend. Short-term resistance is at 56.80, while support is at 56.00. The pair has been consolidating within this band over the last few trading sessions, and this consolidation may persist until a breakout occurs from either of these levels.

Intraday Levels: Support: 56.50, 56.40, 56.25 Resistance: 56.60, 56.70, 56.85 (15-Minute Charts)

Positional Trading: Support: 56.00-55.15 Resistance: 56.80-57.65