USD-INR:- 

Last week USD INR July series opened at 48.30 & went up till 48.38 to mark as high of the week. It then continued to decline till 47.81 to mark the low of the week & finally closed the week at 48.0125. In terms of ELLIOT WAVE THEORY it is correcting in the form of a zigzag. Within this zigzag it has completed the wave {A}&{B}.Within wave {C}it has completed wave(1),(2), (3) & wave (4). We are witnessing now the unveiling of wave (5) from 49.00 & should go below 46.80.We would put the 48.40-48.50 range as major resistance & on downside 47.35 as support for the week but bias is negative implying the stronger Ruppee  & weak dollar.   
  
 
EURO-USD:- In the intermediate term it is heading for the 1.47-1.50 range. We are looking this whole rise as flat correction on upside. It has completed wave A & B. In wave C it has completed internal 1,2 &3 whereas currently it is unfolding wave 4.We expect this to come down to max 1.3600.Then wave 5 of wave C would unfold towards the 1.47-150 target.


 

GBP-USD:-

It has achieved it’s intermediate term target of 1.67-1.68.We see that it may not be able to cross 1.6545 on upside.On the downside it has a support at 1.6180 & if this is violated it may touch the 1.58 the second rock support.

USD-JPY:-

In the coming week it may find extremely difficult to surpass 97.00 on upside. On the contrary we expect it to slowly drift towards the 93.00-92.70 range.