Daily Currency Technical Report 01 Sept ,2015 - Emkay Commotrade

Published: Sep 1, 2015 16:49

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USDINR pair opened on a positive note and the pair moved higher to hit an intraday high of 66.49 levels yesterday.

By Paul Ploumis 01 Sep 2015 Last updated at 03:50:04 GMT

USDINR pair opened on a positive note and the pair moved higher to hit an intraday high of 66.49 levels yesterday.

DAILY FX TECHNICAL

USDINR Spot – Daily Chart

USDINR pair opened on a positive note and the pair moved higher to hit an intraday high of 66.49 levels yesterday. The pair finally closed at 66.48 with a gain of 0.51%. Sustenance above 66.55 will see prices move higher and re-test recent swing highs at 66.76 levels. Intraday dips will find support between 66.30-66.20 zones.

EURUSD – Daily Chart

EUR/USD pair consolidated around 1.1200 levels throughout yesterday's session. Sustenance below 1.1150 will see prices correct further towards 1.1050/1.1000 levels A rebound towards 1.1300 levels is likely if prices sustain between 1.1200-1.1150 zones over the coming sessions. A daily close above 1.1320 will be the first sign of a reversal in EUR/USD pair.

GBPUSD –Daily Chart

GBP/USD pair couldn't sustain at its intraday highs at 1.5437 levels and the pair moved lower towards 1.5350 levels yesterday. The outlook for this pair will remain negative until prices stay below 1.5510 levels A break below immediate support around 1.5300 will see prices correct further towards 1.5200/1.5170 levels.

USDJPY –Daily Chart

USD/JPY pair consolidated around higher levels around 121.50-121 levels yesterday. Immediate resistance for the pair is seen between 122.10-122.50 levels. Failure to sustain above this level will see prices retrace towards 120/119.50 levels over the coming sessions. A decisive breakout above 122.50 will be a positive sign for the pair.

Currency	Technical Outlook for the day on Indian Pairs
USDINR	Sep. USDINR closed at 66.82 with a gain of 0A6% yesterday. Sustenance above 66.90 will see prices move higher and re-test recent swing highs at 67.20 levels. Intraday dips will find support between 66/0-66.60 zones.
EURINR	Sep. EURINR pair closed on a flat note yesterday. Failure to break below 7430 will see prices take support between 74.60-7430 areas on dips and eventually move higher towards 7550 levels. Momentum above 7550 will see prices rebound towards 76 levels. A daily close below 7430 will see prices dip towards 73.60 levels.
JPYINR	Sep. JPYINR pair closed on a flat note yesterday . Sustenance below 54.70 will see the pair correct towards 54.40/54.25 levels. The view on JPYINR pair will remain positive until prices stay above 54.70 levels. Fresh upside momentum will be seen only once prices start to sustain above 55.50 levels.
GBPINR	Sep. GBPINR pair witnessed a gap up opening and the pair closed with a gain of 0/6% yesterday. Sustenance above 103 will take prices higher towards 103.50/103/0 levels. The correction will resume once prices break below 102 levels again. Until then the pair is likely to be range bound between 102 to 103/5 levels.

Courtesy : Emkay Commotrade

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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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