CURRENCY MARKET ANALYSIS - January 09, 2024

This report presents a comprehensive analysis of the currency market on January 09, 2024, focusing on major currency pairs utilizing closing data from January 08, 2024.

USD/INR: The USD/INR currency pair closed at 83.20 in the recent trading session, indicating a negative bias. While momentum indicators suggest a downward trend, the daily chart reveals a small white candle closing below the previous day's close, signaling a bearish sentiment. The pair faces short-term resistance at 83.25, and remaining below this level may result in a further downtrend in the coming days. The nearest intraday support is at 83.17 levels.

Intraday Levels: Support: 83.17, 83.11, 83.05 Resistance: 83.22, 83.30, 83.35 (15-Minute Charts)

Positional Trading: Support: 83.00-82.50 Resistance: 83.25-83.45

GBP/INR: The GBP/INR currency pair positively concluded the preceding trading session at 105.71. Momentum indicators suggest a negative trend, and the daily chart displays a small white candle closing near the day's high. On the higher side, the pair has intraday resistance at 105.75. A move above this level may lead to a further upside today.

Intraday Levels: Support: 105.55, 105.30, 105.10 Resistance: 105.75, 106.00, 106.20 (15-Minute Charts)

Positional Trading: Support: 105.20-104.00 Resistance: 106.40-107.80

EUR/INR: The EUR/INR currency pair concluded the prior trading session at 91.12, reflecting a positive bias. Momentum indicators suggest a negative trend, and the daily chart displays a small white candle closing inside the previous day's close, indicating the possibility of consolidation. The pair has intraday resistance at the 91.20 level, and if it moves above this level, further upside moves can be expected today.

Intraday Levels: Support: 91.00, 90.80, 90.60 Resistance: 91.20, 91.40, 91.60 (15-Minute Charts)

Positional Trading: Support: 90.70-89.75 Resistance: 91.60-92.50

JPY/INR: Closing the prior trading session at 57.82, the JPY/INR currency pair displayed a positive trend. The daily chart exhibited a Doji candle pattern, closing above the previous day's close, indicating a positive bias. Momentum indicators signal a negative trend, with short-term support at 57.60 levels; remaining above this level may lead to further upside moves. The nearest intraday resistance is at 57.93.

Intraday Levels: Support: 57.73, 57.53, 57.35 Resistance: 57.93, 58.15, 58.35 (15-Minute Charts)

Positional Trading: Support: 57.60-56.80 Resistance: 58.40-59.25