CURRENCY MARKET ANALYSIS - JANUARY 25, 2024, BASED ON CLOSING DATA OF JANUARY 24, 2024

USD/INR: In the recent trading session, the USD/INR currency pair closed at 83.13, indicating a downward trend. Momentum indicators support this view, with the daily chart revealing a black candle closing below the previous close, reflecting a negative sentiment. On the upside, the pair faces short-term resistance at 83.25. 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: 83.25-83.45

GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 105.94 with a positive bias. While momentum indicators suggest a neutral trend, the daily chart displays a white candle closing above the previous close, indicating a positive bias. On the downside, the pair finds intraday support at 105.90, while resistance is at 106.10. If it remains above 105.90, the positive trend can continue today as well.

Intraday Levels: Support: 105.90, 105.75, 105.56 Resistance: 106.10, 106.30, 106.50 (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 90.63, reflecting a positive bias. Momentum indicators signal a downward trend, but the daily chart displays a white candle closing above the previous day's close, indicating a positive trend. The pair encounters short-term resistance at the 90.70 level, and for the continuation of a bullish trend, it needs to surpass this level.

Intraday Levels: Support: 90.55, 90.45, 90.35 Resistance: 90.65, 90.75, 90.85 (15-Minute Charts)

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

JPY/INR: JPY/INR closed at 56.45, higher than the previous day's close. The daily chart exhibited a white candle pattern and closed above the previous close, indicating a positive trend. While momentum indicators signal a negative trend, the nearest short-term support is at 56.00 levels. If the pair trades and sustains above this level, the short-term trend can turn bullish in the coming days.

Intraday Levels: Support: 56.35, 56.20, 56.05 Resistance: 56.50, 56.65, 56.80 (15-Minute Charts)

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