EURO: The Euro (1.2712),corrected towards 1.2764 (as expected) however maintains the overall downtrend. Immediate resistance still is maintained near 1.2760 - 1.28 levels while the support continues to be near 1.26 levels. Additional weakness is likely in the pair as we see the dollar raising higher on the back of better than expected intial jobless claim numbers. Medium term tone: Neutral to slight bearish .

GBP: The Pound (1.5525) took the support of 1.5506 levels yesterday from where it rose to 1.5597 levels barely moved 100 pips during the session. It showed second day of its recovery keeping the initial support of 1.5470 intact. Below which the bearish pressure can lead the pair towards 1.5370. Selling around current levels with tight stoploss in place is recommended. Risk continues to be on the downside for the pair. Medium term tone: Neutral to bearish .

JPY: Usd/Jpy (84.50) moved in a small range yesterday rallying to 84.88 yesterday and remains bearish overall. Strong resistance is seen at 85.20 at the moment. The trend remains bearish. Support is seen near 82.85 levels(last low). Outlook for Yen: Bearish towards 87-88 levels in Medium term.

AUD: The Aussie (0.8859) showed correction till 0.8918 levels from where it was supported at the 55 daily EMA at 0.8847 levels. Support continues to be at 0.8770 on the Weekly charts. It is quite possible that the market may be quiet today ahead of the US GDP data release in the evening, which is expected to come in weaker than last time.Bias: Overall weak.

GOLD: Gold($1236) plunged from the highs of $1244 levels yesterday down towards $1233 levels as the dollar rose after the better than expected data yesterday. If the momemtum in the market contiues to be stronger then the next target in gold would be $1262 levels(high of 27 June) Medium Term remains- Bullish

Dollar Index: Dollar Index is currently trading at 82.92 levels. Immediate resistance comes at 83.45 level and strong support comes at 80 levels. Bias remains bullish for dollar above 80 levels.

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.