CURRENCY MARKET ANALYSIS - DECEMBER 29, 2023
This report offers a comprehensive market analysis for December 29, 2023, focusing on major currency pairs and utilizing closing data from December 28, 2023.
USD/INR: In the recent trading session, the USD/INR currency pair concluded on a negative note at 83.19. Momentum indicators suggest a negative trend, and the daily chart displays a black candle, closing below the previous day's close. The pair faces short-term resistance at 83.25 levels; if it stays below this level, further downside movement can be expected in the coming days.
Intraday Levels: Support: 83.15, 83.10, 83.05 Resistance: 83.22, 83.27, 83.32 (15-Minute Charts)
Positional Trading: Support: 83.00-82.70 Resistance: 83.25-83.45
GBP/INR: The GBP/INR currency pair concluded the preceding trading session positively at 106.40. Momentum indicators suggest a positive trend, with the daily chart displaying a black candle pattern but closing above the previous day's candle high. On the lower side, the pair has short-term support at 106.30. If the pair remains above this level, further upside movement can be expected today.
Intraday Levels: Support: 106.30, 106.10, 105.90 Resistance: 106.50, 106.70, 106.90 (15-Minute Charts)
Positional Trading: Support: 106.30-105.20 Resistance: 107.40-108.50
EUR/INR: The EUR/INR currency pair concluded the prior trading session at 92.50, reflecting a positive bias. Momentum indicators suggest a positive trend, with the daily chart displaying a white candle pattern closing above the previous day's close, indicating a positive bias. The pair has short-term support at the 92.40 level; remaining above this level may lead to further upside movement. The next short-term resistance remains at 93.45 levels.
Intraday Levels: Support: 92.40, 92.20, 92.00 Resistance: 92.60, 92.80, 93.00 (15-Minute Charts)
Positional Trading: Support: 92.40-91.65 Resistance: 93.45-94.50
JPY/INR: Closing the prior trading session at 59.13, the JPY/INR currency pair displayed a positive trend. The daily chart exhibited a white candle pattern, closing above the previous day's close, indicating a positive bias. Momentum indicators signal a positive trend, with intraday resistance at 59.15 levels; moves above this level may result in a continuation of the positive trend.
Intraday Levels: Support: 59.03, 58.90, 58.80 Resistance: 59.15, 59.25, 59.40 (15-Minute Charts)
Positional Trading: Support: 58.80-58.00 Resistance: 59.50-60.20