Rupee : Rupee had broken the trendline of 48.10. and staying below it since last 2 sessions. Technically the pair has returned its bullish stance after staying below 48.10 for 2 closings. Exporters may start booking their contracts near 47.80 to 48.00 levels (PARTIALLY). Caution : Budget euphoria could also have lead to a stronger rupee temporarily. A break of 48.35 on the upside would negate the bullish bias again. We have not got a clear direction on dollar internationally since the euro , pound are still stuck up in the range since last 17 trading sessions. Once we get a confirmation of dollar weakness/strength internationally against all asset classes direction of the rupee would be very clearer. Mildly Bullish.(USD/INR : 48.10)

Euro : Euro maintains its range of 1.39 and 1.4150 Break of the range which has been held over 17 days would determine the breakout trend. The trend was expected to be bullish only if 1.41 held strong. Breaking of 1.3950 would negate the bullish trend of euro again. Stay bearish below 1.3950. (Eur/Usd:1.4040) Neutral

Sterling : Cable still stuck in a range since last 17 sessions. Buying is seen close to 1.64 levels . Break of 1.6350 would be the first confirmation of the bear trend starting.View turns bullish only if 1.6660 breaks and holds above it. (Gbp/Usd: 1.6450). Range bound

Yen :Dollar-Yen pair is trading sideways confined between the cluster support of 94 levels and resistance of 99.55. We should not initiate positions until this wide range breaks on either side. (USD/JPY : 96.80) Rangebound.

Aud : Remains bearish overall below 0.8050. 2 closings above 0.8100 would negate the view. Corrections in commodity prices is still expected across. Bearish (Aud/Usd: 0.8056).

Gold :Gold was unable to hold above 943 dollars though went till 945 dollars yesterday again in the US session. Still holding bearishness below 943 (Gold- $929.00). Neutral to Bearish.

Dollar Index : Dollar index extends the rebound from 79.56 and is set to take on 80.94. We're anticipating a break of 80.94 resistance to signal resumption of rise from 78.33, to be confirmed by break of 81.36/47 resistance zone. Further rally should be seen to next key resistance at 82.62 (38.2% retracement of 89.62 to 78.93 at 82.64). in such case. (DI- 80.10) Slight Bullish to Neutral.

India Forex
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DISCLAIMER

These views/ forecasts/ suggestions, though proferred with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice.Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. Those acting in the market on the basis of these are themselves responsible for any profits or losses that might occur, without recourse to us. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.

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