Currency Market Analysis - November 08, 2023

Welcome to our comprehensive market analysis report for November 08, 2023. In this report, we provide a detailed technical assessment of major currency pairs based on the closing data from November 07, 2023.

USD/INR: In the previous trading session, the USD/INR currency pair closed at 83.28, marking an increase from the previous day's close and indicating a positive bias. Currently, momentum indicators are suggesting a negative trend. The daily chart reveals a small white candle, closing above the previous day's level, which continues to support a positive outlook. On the upside, the pair faces short-term resistance at 83.30. If it manages to breach this level, we can anticipate further upside potential today. However, failure to do so may result in a slightly negative trend.

For intraday traders, it's crucial to monitor support levels at 83.26, 83.20, and 83.15, as well as resistance levels at 83.30, 83.35, and 83.45, as seen on 15-minute charts.

Positional traders should be aware of short-term support at 83.15-82.80 and resistance at 83.40-83.70.

GBP/INR: The GBP/INR currency pair concluded the previous trading session at 102.34, significantly below the previous day's close. While momentum indicators suggest a bullish trend, the daily chart displays a black candle pattern, closing near the day's low. On the downside, the pair finds intraday support at 103.20. Should it trade and sustain below this level, the negative trend is likely to persist today. To initiate a pullback rally, it needs to surpass 103.50.

Intraday traders should focus on immediate support levels at 103.20, 102.00, and 101.75, as well as resistance levels at 102.50, 102.85, and 103.10, using 15-minute charts.

Positional traders should note short-term support levels at 101.60-100.50 and resistance at 102.70-103.80.

EUR/INR: The EUR/INR currency pair ended the previous trading session at 89.01, below the previous day's close. While momentum indicators suggest a bullish trend, the daily chart displays a black candle pattern, closing below the previous day's close. If the pair continues to trade and stay below the 89.00 level, a negative trend can be expected today. To trigger a bounce back, it needs to move above 89.15.

Intraday traders should pay attention to immediate support levels at 89.00, 88.80, and 88.60, as well as be vigilant regarding resistance levels at 89.15, 89.35, and 89.55 through 15-minute charts.

Positional traders should be aware of short-term support at 88.60-87.60 and resistance at 89.50-90.30.

JPY/INR: Closing the prior trading session at 55.62, the JPY/INR currency pair showed a negative bias. The daily chart displayed a small black candle pattern, closing below the previous day's close, indicating a negative trend. However, the momentum indicators are signaling a positive bias. If the pair moves below 55.57, further downside movement can be expected. For a positive trend, it needs to move above 55.67.

For intraday trading, monitor support levels at 55.57, 55.50, and 55.42, and stay vigilant about resistance levels at 55.67, 55.76, and 55.84 by referring to 15-minute charts.

Positional traders should note short-term support levels at 55.25-54.65 and resistance at 55.75-56.25.