USD-INR:-

Last week USD-INR opened at 48.00 & went down to register the low at 47.84.It then continuously risen to mark the high of week at 48.36 & finally closed the week at 47.93.Thus INR becomes stronger by 0.09 compared to previous week’s closing & gained 0.2%.For the current week in our view on rise it will face strong resistance at 48.50-48.60 range & downside it has good support at 47.80.However the violation of 47.80 may lead to 47.40-47.20 range.Our bias for the week is sideways to negative

EURO-USD:-Last week we it opened at 1.4711 & went down to 1.4610 to register the low of week.It then continued to rise till 1.4844 to mark the high of the week & finally closed at 1.4680.It is showing some slow down in momentum & may decline to find the support 1.4515.However after the current decline it should make one more nominal high above 1.4844 to terminate the larger degree pattern. Since we are on the verge of major pattern completion tight stop is mandatory.

 

GBP-USD:-

Last week it breached the support at 1.615 contrary to our expectation of sideways consolidation.This has led to break out from the head & shoulder & we may see a substantial downside.The first immediate support lies at 1.5750 however it will be temporary in nature & we see final destination at 1.5350.

 

  USD-JPY:- Last week it has breached the major support level at 89-90 & made the low of 89.52 & closed the week at 89.65.However the downward momentum is so heavy that it may touch the multi year low of 87.13 during the week.Our bias is clearly negative & recommnd short selling at every rallies.