EURO: Euro is resisted by the immediate resistance coming near 1.2920 levels (21 days daily EMA). A 2-day close above this 20-day moving average could change the bearish outlook in Euro. Lack of any economic data release from the euro front can bring less momentum in the currency making it trade in the range of 1.2725-2925 which it has been trading throughout this week. Medium term Neutral.

GBP: The Cable appreciated from 1.5503 to 1.5681 yesterday, closing the day at 1.5586 levels on the back of much better than expected retail sales data and m. Today the bears again are trying to push down. The GBP/USD is at a critical support. Sustained trading below there will indicate that whole rise from 1.4230 has finished and will bring deeper fall to 1.5123 cluster support (50% retracement of 1.4230 to 1.5997 at 1.5114) for confirmation. On the upside, break of 1.5997 is needed to confirm rally resumption. Otherwise, risk will now remain on the downside. Medium term Neutral to slight bearish.

JPY: Yen has the support near the 84.70 levels from where it could be pushed higher towards 87 levels soon. MediumTerm outlook is : Yen bearish towards 87-88 levels. The Japanese yen and Swiss franc were the two currencies which gained as risk aversion prompted a flight to safety.

AUDUSD: The pair could move till 0.8880-0.8850 levels(55 daily EMA) where buying could be initiated. Resistance can be seen near 0.8990-0.90 levels(21 daily EMA) Medium term Bullish. Medium term Bullish.

Gold: Gold is currently trading at 1231 levels and touched high of 1237 levels yesterday. Immediate support comes at 1204 levels where buying can be initiated targeting $1240(first target). Medium Term- Bullish.

Dollar Index: Dollar Index is currently trading at 82.52 levels. Immediate support comes at 82.11 levels and strong support comes at 80 levels. We'll stay bullish in dollar index as long as 82.11 support holds and expect a test on 83.45 cluster resistance (38.2% retracement of 88.70 to 80.08 at 83.37)

India Forex
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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.