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 selling short the EURINR OCT MCXSX FUT at 61.84 with the stop of 62.50 for the target of 60.20.

GBP-INR:-   Last week it made the low of 69.90.Ideally it has strong support at 69.55 & 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 71.75 & 72.45.

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 1.4029 against our expectation of 1.4025.It has good supports at 1.3850 & 1.3635.It has been rising in the well defined channel & we will presume its trend to be up as long as channel is not breached downside. We recommend going long  in & around 1.3940 with the stop of 1.3850 for the target of 1.4355 & above.

GBP-USD:- GBP has taken a pause  last week against our expectation of new high. We see it further consolidating in the range 1.6050-1.5650.We recommend selling at 1.5980 with the stop of 1.605 for the target below 1.5700.

USD-JPY:- Last week it made the low of 81.73 against our expectation of the 81.10.In our view it is now very close to terminating the down wave & a corrective wave on upside to 84.00 level is likely before fresh down move commence. We recommend going long at 81.10 with the stop of the 80.50 for the target of 84.00.

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.