Trades are hesitant to short the rupee before the FOMC meet. A hawkish comment on US interest rate hike can result in very sharp and quick gains for rupee and other emerging market currencies. There is nothing much on the domestic front. The sentiment is positive for the Indian economy. The prime minister Modiji is doing everything he can to attract more and more global companies to start manufacturing in India. Jobs for all kinds of skill sets will be on the rise over the next few months.
Usd/inr November 2014 (expiry on 26th November): Resistance is at 61.7875 with 61.4275 and 61.1350 as support. Only a break of 61.7875 will result in further gains.
Euro/inr November 2014 (expiry on 26th November): Resistance is at 78.52 and only a break of 78.52 will result in further rise to 78.73 and 79.02. Initial support is at 78.12 and there will be sellers only below 78.12.
Gbp/Inr November 2014 (expiry on 26th November): It can rise to 99.8550 and 100.37 as long as it trades over 99.24. There will be sellers only if cable trades below 99.24 in UK session.
Jpy/Inr November 2014 (expiry on 26th November): It can rise to 57.53-57.96 as long as it trades over 57.08. There will be sellers only below 57.08 today.
Usd/inr November 2014 (expiry on 26th November): Resistance is at 61.7875 with 61.4275 and 61.1350 as support. Only a break of 61.7875 will result in further gains.
Euro/inr November 2014 (expiry on 26th November): Resistance is at 78.52 and only a break of 78.52 will result in further rise to 78.73 and 79.02. Initial support is at 78.12 and there will be sellers only below 78.12.
Gbp/Inr November 2014 (expiry on 26th November): It can rise to 99.8550 and 100.37 as long as it trades over 99.24. There will be sellers only if cable trades below 99.24 in UK session.
Jpy/Inr November 2014 (expiry on 26th November): It can rise to 57.53-57.96 as long as it trades over 57.08. There will be sellers only below 57.08 today.
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