EURO: Euro (1.2895) tested the strong resistance of 1.29 (200 H4 EMA) levels this morning and is hovering around the same levels. The better than expected US NFP data released on friday gave some boost to the risk appetite in the other currencies. A break and close above 1.29 levels can push the pair next to 1.3030 - 50 levels where selling can be initiated. Exporters in EuroInr can look for covers near 60 - 60.50 levels for the nearterm, whereas the importers can hold until 59.20 levels. Medium term bias: Overall bearish.

GBP: Pound (1.5472) moved higher post the NFP data release, however is holding the resistance of 1.5480-1.55 levels intact. Immediate support comes near 1.54 levels& then 1.5265 levels. Broader picture remains neutral to bearish signalling that additional weakness is possible near-term. Exporters in pound can look for partial covers around resistance area of 72 - 72.25 levels. Medium term tone: Neutral to bearish.

JPY: UsdJpy moved higher post the NFP data but held the key resistance of 85.23 levels(21 daily EMA). It has drastically come down in today's Asian session & is currently trading at 84.30 levels. We maintain our downside view in the pair seeing the next support near 80 levels. Outlook for Yen: Neutral to Bullish - Target 80.

AUD: Aussie followed the other currencies by moving higher & testing the resistance of 0.9172 levels. This resistance of 0.9180 - 0.92 levels should hold where shorts can be initiated. Support is seen at the psychological levels of 0.90 levels. Overall Bias remains: Neutral.

GOLD: Gold($1248) showed some momemtum by lowering down to $1237 levels where buying was initiated. We maintain our bullish bias in gold targeting $1262 levels. Going long on lower levels is recommended. Medium Term remains- Bullish.

Dollar Index: Dollar index failed to sustain above 83.45 cluster resistance as well as 55 days EMA and dropped sharply last week. Rebound from 80.08 is likely finished. Break of 81.65 support will confirm this bearish case.More importantly, this will argue that whole fall from 88.70 is possibly not over yet and we'd see a test on 80 psychological level in this case.

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.