EURO-INR:-It is in the terminal stages of five wave completion from the bottom of 55.37 formed on the 7th June,2010.We are looking for the good support at 60.20 & on the upside we see 62.60 as major resistance.  We recommend going long the EURINR OCT MCXSX FUT at 61.30 with the stop of 60.90 for the target of 62.40.

GBP-INR:-   Last week it made the low of 69.90.Ideally it has strong support at 69.65 & it has shown reluctance to test that level. The larger term trend is to head for the 76.30 level. We recommend going long the GBPINR OCT FUT MCXSX at 70.50 with the stop of 69.50 for the target of 76.00 in next 3 to 4 weeks.

JPY-INR:-  It has good support at 53.00 & strong resistance at 54.85.For the last week it oscillated within 53.00-54.00 range exactly on the expected line. We are expecting the unveiling of the third leg in the coming week towards the 51.00.We recommend short selling the JPYINR OCT FUT MCXSX at 53.75 with the stop of 54.20 for the target of 51.00.

EURO-USD:- Last week EURO made the high of 1.3794 & surprised everyone. As the price pattern suggests it is in the strongly trended move on upside. For the coming week we see a very good support at 1.3560 & it has minor hurdle at 1.3820 & once this is crossed it will reach 1.4000 levels. We recommend going long  in & around 1.3745 with the stop of 1.3710 for the target of 1.4025 & above.

GBP-USD:- GBP has taken a pause  last week after  accelerating momentum in the previous week. We see it heading for the 163.10 with the current momentum sooner than later. We recommend a buy at current market price of 1.5820 with the stop of 1.5710 for the target of 163.00.

USD-JPY:- The vicious decline route it followed has taken everyone by surprise. This also indicates the larger trend is ferociously down. We envisage the first support at 82.90 & then at 81.10.We would not like to recommend any short position as a sharp rally may emerge any time. Wait for the reversal of the market & we will take long position.

DOLLAR-INDEX:- It is now under severe declining trend. Last week it made the high of 80.01 against our expectation of 80.35 & made the low of 78.20 against our expectation of 78.00.For the coming week we see a pause in decline or some sideways movements.