USDINR : The rupee is trading in the range of 46.00-46.60 levels and would break the range if we get a closing below 45.95 for 2-3 days. The bias remains bullish and only if 46.60 breaks and holds there it would confirm rupee weakness going forward. Importers may take covers for the short term near 45.95-46.00 levels and exporters may start booking at every upticks in USDINR from 46.35-46.60.(USDINR 46.00) INR bullish below 46.60 levels.

EURUSD : The EURUSD bias remains neutral in nearest term and the major bearish scenario remains intact. The hourly to daily charts are highly oversold hence in correction mode and retracements towards 1.3650-1.3700 is expected! .Look at higher levels to book exports and short term importers may cover. (EURUSD - 1.3535).Neutral but Oversold.

GBPUSD : The GBPUSD had a significant bearish momentum yesterday, fell below 1.5000 psychological levels, bottomed at 1.4779 but closed higher at 1.4920. The bias is bearish in nearest term. Another movement above 1.5000 area should lead us testing 1.5200/50 area but overall pressure should remain to the downside. Break below 1.4710 should open the way for further bearish scenario. (GBPUSD 1.4920). Neutral but Oversold

USDJPY : USDJPY is currently trading at 89.30 levels. Upside correction may happen till 92-93 levels. Importers in Yen may look at covers around these levels (weekly trendline). Overall the trend remains strong for yen below 93 levels. (USDJPY- 89.30). Bullish

AUDUSD : AUDUSD is currently trading at 0.8980 levels. Correction seems to be over for Australian dollar. Buying on dips remains the strategy. Further bullishness till 0.9250 levels is expected again. (AUDUSD - 0.8980) Bullishness.

GOLD : Gold moved up taking support from $1087 levels and holding above $1100 levels. Buying at dips close to $1080-90 levels remains the strategy. (Gold-$1116). (Rangebound to slight bearish).

Dollar Index : Dollar index looks to be in slight correction mode and dips around 79.56 levels are possible. Nev! ertheless, such consolidations should be relatively brief as long as 79.56 cluster supports holds (38.2% retracement of 76.60 to 81.34 at 79.52). Break of 81.40 will bring rally resumption towards 82.65 medium term resistance next. Medium term view remains bullish. Buying on dips on the index remains the strategy. (Dollar Index – 80.89). Bullish above 80 levels

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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.