WEEKLY CURRENCY OUTLOOK (25/01/10)

USD-INR:- Last  week we expected it to head for 46.15 & it made the high of 46.40. In our view it may react to 45.95 to consolidate the gains made in last two weeks & then moves towards the 46.90 & above.
EURO-USD:-
Last  week it made the low of 1.4028 against our estimate of 1.41-1.40. In our view it is in strong down trend as shown in the chart with sloping down channel. In the coming week it may bounce to 1.4230 then declined sharply to 1.37-1.38 zone.
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GBP-USD:- In line with the expectation it made the high of 1.6458 & reacted sharply  to 1.6078.We expect some more downside to 1.58-1.57 in coming weeks.
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  USD-JPY:- On the expected line it made the high of 91.87 against the  expectation of 92.00 & low of 89.78 against the expectation of 89.For the coming week we see it declining further to 88.

 

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