CURRENCY MARKET ANALYSIS - JANUARY 30, 2024, BASED ON CLOSING DATA OF JANUARY 29, 2024

USD/INR: The USD/INR currency pair closed at 83.14 in the recent trading session, indicating an uptrend. Momentum indicators corroborate this view, with the daily chart revealing a white candle closing above the previous close, reflecting positive sentiment. On the upside, the pair encounters short-term resistance at 83.20. A close above this level may trigger a further uptrend; otherwise, consolidation might persist for a few more days.

Intraday Levels: Support: 83.14, 83.08, 83.02 Resistance: 83.20, 83.26, 83.32 (15-Minute Charts)

Positional Trading:  Support: 83.00-82.75 Resistance: 83.20-83.45

GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 105.66 with a negative bias. Momentum indicators suggest a neutral trend, while the daily chart displays a Doji candle closing below the previous close, indicating a negative trend. On the downside, the pair finds intraday support at 105.55, while resistance is at 105.70. If it moves below 105.55, the negative trend could continue today as well.

Intraday Levels: Support: 105.55, 105.40, 105.25 Resistance: 105.70, 105.85, 106.00 (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 90.15, reflecting a negative bias. Momentum indicators signal a downward trend, and the daily chart displays a black candle closing below the previous day's candle, indicating a negative bias. The nearest intraday support is at 90.10; if the pair moves below this level, a further downtrend can be expected today.

Intraday Levels: Support: 90.10, 90.00, 89.90 Resistance: 90.20, 90.30, 90.40 (15-Minute Charts)

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

JPY/INR: JPY/INR closed at 56.18, 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. The momentum indicators signal a negative trend. The nearest short-term support is at 56.00 levels. If the pair trades and sustains below this level, a further downtrend can be expected today. Otherwise, a pullback rally can be expected from the support area.

Intraday Levels: Support: 56.10, 56.00, 55.90 Resistance: 56.20, 56.30, 56.40 (15-Minute Charts)

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