CURRENCY MARKET ANALYSIS - January 19, 2024

This report provides a comprehensive analysis of the currency market as of January 19, 2024, focusing on major currency pairs and utilizing closing data from the same date.

USD/INR: In the recent trading session, the USD/INR currency pair closed at 83.15, signaling a bearish sentiment. Momentum indicators indicate a downward trend, and the daily chart reveals a small black candle closing below the previous close, reflecting negative sentiment. Further downward movement is anticipated in the coming days if the pair breaches the intraday support at 83.15. To establish a positive trend, the pair must surpass the resistance at 83.20.

Intraday Levels: Support: 83.13, 83.05, 82.96 Resistance: 83.20, 83.27, 83.35 (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 105.52 with a bullish bias. Despite momentum indicators suggesting a downward trend, the daily chart displays a white candle closing above the previous close, indicating a positive bias. On the downside, the pair has short-term support at 105.20. Remaining above this level may lead to a further uptrend today. The nearest intraday resistance is at 105.56.

Intraday Levels: Support: 105.32, 105.15, 104.95 Resistance: 105.56, 105.75, 105.90 (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 90.62, reflecting a positive bias. Despite momentum indicators signaling a downward trend, the daily chart displays a Doji candle closing above the previous day's close, indicating a positive bias. The pair has short-term resistance at the 90.70 level, and a breakthrough could lead to further upside moves in the coming days. Otherwise, the recent downtrend may resume.

Intraday Levels: Support: 90.55, 90.40, 90.30 Resistance: 90.70, 90.80, 90.90 (15-Minute Charts)

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

JPY/INR: JPY/INR closed at 56.37, lower than the previous day's close. The daily chart exhibited a white candle pattern but closed below the previous close, indicating a negative trend. Momentum indicators signal a negative trend. If the pair trades and sustains below 56.35, the downtrend can continue in the coming days. The nearest intraday resistance is at 56.50.

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