CURRENCY MARKET ANALYSIS - DECEMBER 20, 2023

We present a comprehensive market analysis report for December 20, 2023, offering an in-depth technical evaluation of major currency pairs based on closing data from December 19, 2023.

USD/INR: In the recent trading session, the USD/INR currency pair concluded at 83.21, exceeding the prior day's close. Momentum indicators suggest a negative trend, as evidenced by the daily chart revealing a white candle closing above the previous day's close. On the higher side, the pair faces short-term resistance at 89.25. If the pair surpasses this level, a positive trend may persist in the coming days. Otherwise, a slightly negative trend can be expected.

Intraday Levels: Support: 83.15, 83.05, 82.95 Resistance: 83.25, 83.35, 83.45 (15-Minute Charts)

Positional Trading: Support: 83.00-82.70 Resistance: 83.25-83.45

GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 105.61 on a positive note. Momentum indicators suggest a bearish trend. The daily chart displays a white candle pattern, closing above the previous day's close. On the higher side, the pair has intraday resistance at 105.70 levels. If the pair moves above this level, further upside movement can be expected today. For a negative trend, the index needs to trade below 105.50.

Intraday Levels: Support: 105.50, 105.25, 105.00 Resistance: 105.70, 105.95, 106.20 (15-Minute Charts)

Positional Trading: Support: 105.20-104.00 Resistance: 106.30-107.40

EUR/INR: The EUR/INR currency pair concluded the prior trading session at 91.00, with a positive bias. Momentum indicators suggest a neutral trend as the daily chart displays a white candle pattern closing above the previous day's close, indicating a positive bias. On the lower side, the pair has intraday support at the 90.91 level, while the resistance is at 91.10. If the pair moves above 91.10, further upside movement can be expected.

Intraday Levels: Support: 90.90, 90.75, 90.60 Resistance: 90.10, 91.25, 91.40 (15-Minute Charts)

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

JPY/INR: Closing the prior trading session at 57.69, the JPY/INR currency pair displayed a negative trend. The daily chart exhibited a black candle pattern, closing below the previous day's close, indicating a negative bias. Momentum indicators signal a positive trend. On the lower side, the pair has intraday support at 57.60 levels. If the pair moves below this level, the downward bias can continue today. For a pullback rally, the pair needs to surpass the 57.80 level.

Intraday Levels: Support: 57.60, 57.40, 57.20 Resistance: 57.80, 58.00, 58.20 (15-Minute Charts)

Positional Trading: Support: 57.25-56.50 Resistance: 58.00-58.80