Currency Market Analysis - December 11, 2023

Welcome to our comprehensive market analysis report for December 11, 2023, providing a detailed technical assessment of major currency pairs based on closing data from December 08, 2023.

USD/INR: In the previous trading session, the USD/INR currency pair concluded at 83.43, marking an increase from the previous day's close. Momentum indicators suggest a positive trend, with the daily chart revealing a small white candle and remaining above short-term support at 83.40. Sustaining levels above this point could indicate further upside movement.

Intraday Levels: Support: 83.42, 83.38, 83.34 Resistance: 83.46, 83.50, 83.54 (15-Minute Charts)

Positional Trading: Support: 83.40-83.13 Resistance: 83.60-83.90

GBP/INR: The GBP/INR currency pair concluded the preceding trading session at 104.99 on a positive note. Momentum indicators suggest a bearish trend, and the daily chart displays a Doji candle pattern closing just above the previous day's close, indicating a sideways trend. Short-term resistance is observed at 105.20, and remaining below this level could sustain the negative trend, with the next short-term support at 104.00.

Intraday Levels: Support: 104.80, 104.60, 104.40 Resistance: 105.00, 105.20, 105.40 (15-Minute Charts)

Positional Trading: Support: 104.00-103.00 Resistance: 105.20-106.25

EUR/INR: The EUR/INR currency pair concluded the prior trading session at 90.05, above the previous day's close. Momentum indicators suggest a bearish trend, and the daily chart displays a black candle pattern but closed above the previous day's close. Intraday resistance is at 90.10, with support at 89.95. If the pair moves above 90.10, then further upside movement can be expected; otherwise, a slightly negative trend is anticipated.

Intraday Levels: Support: 89.95, 89.80, 89.65 Resistance: 90.10, 90.25, 90.40 (15-Minute Charts)

Positional Trading: Support: 89.45-88.30 Resistance: 90.35-91.35

JPY/INR: Closing the prior trading session at 57.92, the JPY/INR currency pair displayed a bullish trend. The daily chart exhibited a black candle pattern but closed above the previous day's close, indicating a bullish bias. Momentum indicators signal a positive trend. Short-term resistance is at 58 levels, and surpassing this level could lead to further upside movement. Below the 58.00 level, profit booking can be expected.

Intraday Levels: Support: 57.90, 57.68, 57.50 Resistance: 58.10, 58.25, 58.45 (15-Minute Charts)

Positional Trading: Support: 57.20-56.50 Resistance: 58.00-58.80