CURRENCY MARKET ANALYSIS - DECEMBER 19, 2023

We present a comprehensive market analysis report for December 19, 2023, offering an in-depth technical evaluation of major currency pairs based on closing data from December 18, 2023.

USD/INR: In the recent trading session, the USD/INR currency pair concluded at 83.09, surpassing the prior day's close. Momentum indicators suggest a negative trend, evident in the daily chart revealing a white candle that closed above the previous day's close. On the higher side, the pair has intraday resistance at 89.10. If the pair surpasses this level, the positive trend may persist today. Otherwise, the downward bias can resume.

Intraday Levels: Support: 83.00, 82.90, 82.80 Resistance: 83.10, 83.20, 83.30 (15-Minute Charts) Positional Trading: Support: 82.80-82.40 Resistance: 83.15-83.40

GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 105.11 on a negative note. Momentum indicators suggest a bearish trend. The daily chart displays a black candle pattern, closing below the previous short-term support of 105.20. If the pair remains below this level, a further downtrend can be expected today. The next short-term support is at 104.00 levels.

Intraday Levels: Support: 105.00, 104.80, 104.60 Resistance: 105.20, 105.50, 105.70 (15-Minute Charts) Positional Trading: Support: 104.00-103.00 Resistance: 105.20-106.30

EUR/INR: The EUR/INR currency pair concluded the prior trading session at 90.68, with a downward bias. Momentum indicators suggest a negative trend as the daily chart displays a Doji candle pattern closing below the previous day's close, indicating a negative bias. On the lower side, the pair has short-term support at the 90.45 level. If the pair moves below this level, further downside movement can be expected. Otherwise, a pullback rally can be anticipated from the support level.

Intraday Levels: Support: 90.50, 90.25, 90.00 Resistance: 90.80, 91.00, 91.20 (15-Minute Charts) Positional Trading: Support: 90.45-89.50 Resistance: 91.65-92.40

JPY/INR: Closing the prior trading session at 58.37, the JPY/INR currency pair displayed a negative trend. The daily chart exhibited a black candle pattern, closing below the previous day's close, indicating a negative bias. Momentum indicators signal a positive trend. On the lower side, the pair has intraday support at 58.32 levels. If the pair moves below this level, the downward bias can continue today.

Intraday Levels: Support: 58.32, 58.10, 57.80 Resistance: 58.55, 58.80, 59.00 (15-Minute Charts) Positional Trading: Support: 58.00-57.25 Resistance: 58.80-59.60