CURRENCY MARKET ANALYSIS - JANUARY 29, 2024, BASED ON CLOSING DATA OF JANUARY 25, 2024

USD/INR: In the recent trading session, the USD/INR currency pair closed at 83.12, signaling a downward trend. Momentum indicators support this view, with the daily chart revealing a white candle closing below the previous close, reflecting negative sentiment. On the upside, the pair faces short-term resistance at 83.20. A close above this level may turn the short-term trend positive; otherwise, a negative trend may persist for a few more days.

Intraday Levels: Support: 83.08, 83.02, 82.96 Resistance: 83.14, 83.20, 83.26 (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 105.75 with a negative bias. Momentum indicators suggest a neutral trend, while the daily chart displays a black candle closing inside the previous close, indicating a sideways trend. On the downside, the pair finds intraday support at 105.70, while resistance is at 105.85. If it moves below 105.70, the negative trend can continue today as well.

Intraday Levels: Support: 105.70, 105.55, 105.40 Resistance: 105.85, 106.00, 106.20 (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 90.53, reflecting a negative bias. Momentum indicators signal a downward trend, but the daily chart displays a Doji candle closing inside the previous day's candle, indicating the possibility of consolidation. This trend may continue for a few more days. The pair encounters short-term resistance at the 90.70 level, and for a bullish trend, it needs to surpass this level.

Intraday Levels: Support: 90.45, 90.35, 90.25 Resistance: 90.55, 90.65, 90.75 (15-Minute Charts)

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

JPY/INR: JPY/INR closed at 56.35, lower than the previous day's close. The daily chart exhibited a black candle pattern and closed below the previous close, indicating a negative trend. The momentum indicators signal a negative trend, with the nearest short-term support at 56.00 levels. If the pair trades and sustains above this level, the consolidation can continue for a few more days.

Intraday Levels: Support: 56.25, 56.15, 56.00 Resistance: 56.40, 56.50, 56.65 (15-Minute Charts)

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