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USD/INR

Last week USD INR May series opened at 48.9725 & this itself was the high of the week .It then continued to decline till 47.0000 to register  the low of the week & finally closed the week at 47.1300.This decline was quite ferocious & with gaps as well as volume. This implies that it may further decline. We therefore advise to trade on short side only. On the upside we see 48.20 as immediate resistance & on the downside there 46.90,46.30 & 45.80 are good support levels.

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EURO/USD

In the intermediate term it is heading for the 1.47-1.50 range. During the current week we expect it to consolidate the surge last week made. It may not breach 1.375 on downside & on upside it may touch the range of 1.425 to 1.44.


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GBP/USD
It has surpassed the target of 1.57-1.58 & touched the high of 1.595.We are of the view that it has completed the upside & it move downside during the current week towards the range of 1.555 to 1.565.

 
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USD/JPY
Our intermediate term target is below 90 & it has commenced its journey towards that. Last week it touched the lower end of the 94 & bounced back to 95.5.We see some more range bound movement within 94-96.5 for some more time before commencing the downward journey.

 
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