CURRENCY MARKET ANALYSIS - January 16, 2024

This report offers a comprehensive analysis of the currency market as of January 16, 2024, focusing on major currency pairs and utilizing closing data from January 15, 2024.

USD/INR: In the recent trading session, the USD/INR currency pair closed at 82.91, signaling a bearish bias. Momentum indicators depict a downward trend, with the daily chart displaying a black candle that closed below the previous support at 83.00, indicating a bearish sentiment. Further downside movement can be expected in the coming days if the pair remains below the 83 level. The nearest intraday support is identified at 82.87.

Intraday Levels: Support: 82.87, 82.80, 82.72 Resistance: 82.95, 83.02, 83.10 (15-Minute Charts)

Positional Trading: Support: 82.75-82.50 Resistance: 83.00-83.25

GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 105.52 with a negative bias. Momentum indicators suggest a downward trend, and the daily chart displays a black candle closing below the previous day's close. On the lower side, the pair has intraday support at 105.40. A move below this level may lead to further downtrend today, and for a bounce back, it needs to surpass the resistance at 105.60.

Intraday Levels: Support: 105.40, 105.20, 105.00 Resistance: 105.60, 105.80, 106.00 (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 90.80, reflecting a negative bias. Momentum indicators suggest a downward trend, and the daily chart displays a black candle closing below the previous day's close, indicating a negative bias. The pair has short-term support at the 90.70 level, and if it closes below this level, further downside moves can be expected in the coming days. The nearest intraday resistance is at 90.85.

Intraday Levels: Support: 90.73, 90.62, 90.50 Resistance: 90.85, 90.95, 91.05 (15-Minute Charts)

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

JPY/INR: JPY/INR closed at 57.11, lower than the previous day's close. The daily chart exhibited a black candle pattern and closed below the previous close, indicating a negative trend. Momentum indicators signal a negative trend. If the pair trades and sustains below 57.05, the downtrend can continue in the coming days. The next short-term support is at 56.80.

Intraday Levels: Support: 57.05, 56.90, 56.75 Resistance: 57.22, 57.40, 57.57 (15-Minute Charts)