Daily Currency Technical Report 17 August,2015 - Emkay Commotrade

Aug. USDINR pair retraced lower after hitting a fresh swing high of 65.47 levels. The pair dosed the previous session at 6513 levels. Dips will find support between 64.90-64.80 levels. Until prices hold on to these support zones the counter can rebound towards 65.35/65 40 areas again. The pair can move into sideways consolidation between 64.80 to 65.40 zones for the upcoming few sessions.

Aug. EURINR pair hit an intraday high of 72.98 levels and the counter closed at 72.81 levels. If the momentum persists then the pair can advance further towards 73.42 levels. Dips from higher levels will find support between 72.40/72 zones. Some selling can come in at higher levels as prices approach 73.40 areas.

Aug. JPYINR pair almost hit its resistance at 52.70 levels during the previous session. Fresh upside in the pair is likely on if prices breakout and sustain above 52.70 levels for few sessions. Failure to do so will see prices retrace lower towards 52.20/52 levels again. We expect a range of 52.70-52.20 for the coming session.

Aug. GBPINR pair closed with a marginal loss of 0.27% yesterday. Failure to sustain above 102 levels will see the pair retrace lower towards 101.40-101 zones Any major corrective move in the pair is likely only below 101 levels. Until then prices will consolidate at higher levels. Momentum above 102.30 will take prices higher towards 102.85/103 levels.