CURRENCY MARKET ANALYSIS - DECEMBER 15, 2023

We present our detailed market analysis report for December 15, 2023, offering a thorough technical evaluation of major currency pairs based on closing data from December 14, 2023.

USD/INR: In the recent trading session, the USD/INR currency pair concluded at 83.34, below the prior day's close. Momentum indicators suggest a negative trend, evident in the daily chart revealing a small white candle that closed below the previous day's close. Short-term resistance at 83.40 is critical, and if the pair remains below this level, the negative trend may persist in the coming days.

Intraday Levels: Support: 83.32, 83.28, 83.25 Resistance: 83.36, 83.39, 83.42 (15-Minute Charts)

Positional Trading: Support: 83.15-82.80 Resistance: 83.40-83.60

GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 105.52 on a positive note. Despite momentum indicators suggesting a bearish trend and the daily chart displaying a black candle pattern, closing above the previous day's close. Short-term support at 105.20 is crucial, and remaining above this level may sustain the positive trend, with the next short-term resistance at 106.35.

Intraday Levels: Support: 105.40, 105.10, 104.80 Resistance: 105.60, 105.90, 106.20 (15-Minute Charts)

Positional Trading: Support: 105.20-104.00 Resistance: 106.35-107.80

EUR/INR: The EUR/INR currency pair concluded the prior trading session at 91.05, above the previous day's close. Momentum indicators suggest a neutral trend, as the daily chart displays a white candle pattern closing above the previous four days' candles, indicating a bullish trend. Short-term support at 90.45 is crucial, and if the pair stays above this level, the positive trend may continue in the coming days. The next resistance remains at 91.65.

Intraday Levels: Support: 91.00, 90.72, 90.50 Resistance: 91.20, 91.40, 91.60 (15-Minute Charts)

Positional Trading: Support: 90.45-89.50 Resistance: 91.65-92.40

JPY/INR: Closing the prior trading session at 59.10, the JPY/INR currency pair displayed a positive trend. The daily chart exhibited a white candle pattern, closing well above the previous day's close, indicating the possibility of continuing the bullish trend. Momentum indicators signal a positive trend. On the lower side, the pair has short-term support at 58.80 levels. If the pair remains above this level, it may test the next resistance at 59.60 in the coming days.

Intraday Levels: Support: 57.40, 57.20, 57.00 Resistance: 57.60, 57.80, 58.00 (15-Minute Charts)

Positional Trading: Support: 58.80-58.00 Resistance: 59.60-60.50