CURRENCY MARKET ANALYSIS - JANUARY 31, 2024, BASED ON CLOSING DATA OF JANUARY 30, 2024
USD/INR: The USD/INR currency pair closed at 83.20 in the recent trading session, indicating a positive bias. Momentum indicators corroborate this view, with the daily chart revealing a black candle but closing above the previous close, reflecting positive sentiment. On the lower side, the pair has short-term support at 83.20. If the pair remains above this level, it may lead to a further uptrend; otherwise, a slightly negative trend can be expected today.
Intraday Levels: Support: 83.15, 83.10, 83.05 Resistance: 83.20, 83.25, 83.30 (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 105.49 with a negative bias. Momentum indicators suggest a neutral trend, while the daily chart displays a black candle closing below the previous close, indicating a negative trend. On the upside, the pair has intraday resistance at 105.55. If it remains below this level, the negative trend could continue today.
Intraday Levels: Support: 105.40, 105.25, 105.10 Resistance: 105.55, 105.70, 105.85 (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 90.32, reflecting a positive bias. Momentum indicators signal a downward trend, and the daily chart displays a black candle, but closing above the previous day's candle, indicating a positive sentiment. The nearest intraday support is at 90.30; if the pair remains above this level, a further uptrend can be expected today.
Intraday Levels: Support: 90.30, 90.20, 90.10 Resistance: 90.40, 90.50, 90.60 (15-Minute Charts)
Positional Trading: Support: 89.75-88.85 Resistance: 90.70-91.60
JPY/INR: The pair closed at 56.80, higher than the previous day's close. The daily chart exhibited a Doji candle pattern and closed above the previous close, indicating a positive trend. The momentum indicators signal a negative trend. The nearest short-term support is at 56.80 levels. A further uptrend can be expected today if the pair trades and sustains above this level. Otherwise, the pair may consolidate below this level for a few days.
Intraday Levels: Support: 56.70, 56.60, 56.50 Resistance: 56.85, 56.95, 57.10 (15-Minute Charts)
Positional Trading: Support: 56.00-55.15 Resistance: 56.80-57.65