EURUSD : Euro is currently trading at 1.3640 levels and attempted to push lower on Friday, bottomed at 1.3584 levels. Upside correction is expected till 1.3750. Do not initiate longs until we see 2 higher consequtive closings. Initiate shorts near 1.3700 levels. Range for the day could be 1.3750 to 1.3480. (EURUSD - 1.3640) Bearish

Sterling : GBPUSD is currently trading at 1.5595 and attempted to push lower on friday at 1.5556 levels. Upside correction is expected between 1.5640 - 1.5700 where shorts can be initiate with stoploss above 1.5780 levels. Range for the day could be 1.5480 -1.5700 levels.(GBPUSD – 1.5595) Bearish.

Yen : The JPY is holding strong and expected to be stronger targeting 88.40 levels and even lower due to increased risk aversion. Only a break of 93.00 levels would change the bias of the Yen. (USDJPY- 89.32) Bullish

Aud : AUDUSD is currently trading at 0.8650 levels. Staying below .8800 continously could only move the pair to .8450 levels.(AUDUSD - 0.8650) Neutral

Gold : USD rallied against major currencies amid concerns on sovereign default risk. Due to traditional inverse correlation between gold and USD, pressure on gold as the dollar strengthened is inevitable. After the G7 meet, gold has stabilized though after the steep fall on Friday evening till $1043 levels. Policymakers pledged to keep economic stimulus until recovery is self-sustainable. Sideways trading is expected near these levels and if the support zone of $1050- 1060 levels is broken, then could see further bearish pressure till $1000 level. (Gold-$1066) Neutral

Dollar Index : Dollar index is holding above the 80 levels and currently it is trading at 80.42 levels. Dollar overseas has also been quite strong on account of risk aversion after the release of NFP data on Friday evening. Overall dollar remain bullish as long as 78.68 support is held and further rise till 80.86 can be seen soon. (DI -80.43). Short-term Bullish.

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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