WEEKLY CURRENCY OUTLOOK (27/07/09)
USD-INR:-
Last week USD-INR opened at 48.57 & went up to register the high at 48.68.It then continuously declined to mark the low of week at 47.90 & finally closed the week at 48.20.Thus INR becomes stronger by 0.36 compared to previous week’s closing & in gained 7.4%. We are of the view that it will further decline & make a new low below 46.71.For the current week our assessment is that the decline will find the support at 47.70 & resistance at 48.70.
EURO-USD:- Ideally it should hit the top in the 1.4720-1.4867 range but in any case it must make one more high above 1.4338 to complete the flat wave structure. However the rise for the last 2 to 3 week is with the waning momentum or laboured rise. Therefore it will inch for 1.47-1.48 very gradually. We expect that in the coming week it will make attempt to cross 1.4338 either successfully or unsuccessfully.
GBP-USD:-
It has achieved it’s intermediate term target of 1.67-1.68.We see that it may make a nominal new high above 1.6744 but not mandatory.It will just keep meandering sideways.However a breach below 1.6265 it may scratch the 1.6000 levels.
USD-JPY:-
Last we had reported that it may find extremely difficult to breach 93.25.However it made a low of 93.09 & bounced off swiftly from there.For the current week we expect that it may not breach 93.50 & may make an attempt to cross 96.98.
Categories: WEEKLY MCX-SX CURRENCY REPORTS
Tags: WEEKLY CURRENCY REPORTS
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