EURO: The Euro was brought down from the friday's high of 1.2780 levels to current 1.2738 levels. Immediate resistance continues to be at 1.28 levels while the support continues to be near 1.26 levels. Rangebound session can be seen for the day. Medium term tone: Neutral to slight bearish.

GBP: The Pound bottomed at 1.5440 levels on friday pressing the pair towards 1.5370 levels. Selling on higher levels with stoploss in place can be seen. Risk continues to be on the downside for the pair. Medium term tone: Neutral to bearish .

JPY: Usd/Jpy showed a good momemtum rallying to as high as 85.90 levels breaking the strong resistance 85.20 momentarily. The trend remains bearish overall for the yen heading towards 87 levels. Support is seen near 82.85 levels(last low). Outlook for Yen: Bearish towards 87-88 levels in Medium term .

AUD: The Aussie tested the highs of 0.90 levels and is currently trading at 0.8986 levels. Immediate resistance can be seen near 0.9045 levels(61.8% retracement of the recent fall) from where it can fall to take the support of 0.8950 (21 day Daily EMA). Bias: Overall weak .

GOLD: Gold($1235) gave a very thin trading session on friday sustaining the highs of $1244 levels. Strength in stock markets continues to support gold prices. The next resistance comes near $1262 levels(high of 27 June) Medium Term remains- Bullish.

Dollar Index: Dollar index is currently trading at 82.68 levels and edged higher to 83.56 last week but failed to sustain above 83.45 cluster resistance (38.2% retracement of 88.70 to 80.08 at 83.37) and turned sideway. A short term top is formed and some more sideway trading should be seen in near term. Nevertheless, downside is expected to be contained by 81.92 support and bring another rise. Sustained trading above 83.45 will confirm that correction from 88.70 has completed at 80.08 and will target 61.8% retracement at 85.40 at least.

India Forex
http://www.indiaforex.in

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.