WEEKLY CURRENCY REPORT (19-07-2010)
USD-INR:- For the last one month it has been moving within the rising channel. Currently it is headed to test the upper line of the channel & it is likely to face resistance at 47.45 & then at 47.75.
EURO-INR:- Euro-Inr is forming the upward correcting FLAT formation. Within this flat formation it is forming the very strong C wave. This should ideally touch in our estimate the range of 61.25-61.80.
GBP-INR:- The rise from 67.18 to 72.27 should get corrected in the form of zigzag to the range of 69.75-70.30.
JPY-INR:- During the initial part of the week it should hit around 55.00 & then head for the decline towards the 52.00.
EURO-USD:- Euro is forming the upward zigzag correction. This zigzag has turned out to be one larger degree than what we were estimating. It is under strong upward momentum & may last for one more week before it subsides. In our estimate it should touch the 1.3115-1.3360 range.
GBP-USD:- It has resistance at 1.5525 & support at 1.4880.We see it heading for the support during the week.
USD-JPY:- During the initial part of the week we see it declining to 84.50 level to terminate the larger degree wave & then bounce off swiftly towards the 89.00 level.
DOLLAR-INDEX:-
The weekly trend of this has turned down. We do not see it's resistance being tested at 84.70 & it may head towards the 80.80 levels.
Categories: WEEKLY MCX-SX CURRENCY REPORTS
Tags: WEEKLY CURRENCY REPORTS
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