JKD VIEWPOINT: WEEKLY CURRENCY OUTLOOK (05/04/2010)

WEEKLY CURRENCY OUTLOOK (05/04/2010)

USD-INR:- It has the strong support at 44.50(44.80 MCX APR FUT). We do not see its violation in near future. We have strong positive bias & see it attaining the target of 45.50-45.60(45.80-45.90 MCX APR FUT).

EURO-INR:- In our opinion it is facing the resistance at 60.55(60.85 MCX APR FUT) & it will find good support at 59.50(59.85 MCX APR FUT).

GBP-INR:- In our view it will just consolidate within 68.45(68.80 MCX APR FUT) & 67.70(68.05 MCX APR FUT) for the most part of the week. It may then head for the 69.50 (69.85 MCX APR FUT)

JPY-INR:- We do not see it breaching 46.75 on downside & looking for the immediate & vehement bounce to 48.65 in coming 2-3 weeks

EURO-USD:- For the coming week we see it facing the resistance at 1.3590 & declining to 1.3250-1.3200 range in the slow decaying fashion without any momentum.

GBP-USD:- It has strong support in the 1.5050-1.5110 range. On the upper side there is resistance at 1.5300.We expect it to consolidate in this range for the most part of the week & then head for 1.55+

USD-JPY:- It is in strong up trend & does not look like to correct below 93.80.On the up side we are of the view that it is heading towards the 97.50

DOLLAR-INDEX:- It is likely to face resistance at 82.00 & support at 79.75.