FOMC statement will be the key. Lack of inflationary pressure due to low energy prices can prompt Federal Reserve to change the interest rate stance for next year. Yearend short covering on the US dollar will be closely watched. Global currency trading volumes will fall after the FOMC meet. The direction of the Japanese Yen will be the key as Japanese elections are over.
Usd/inr December 2014 (expiry on 29th December): A break of 62.82 will result in 63.05-63.50. Initial support is at 62.52 with 62.37 as the key support.
Euro/inr December 2014 (expiry on 29th December): A break of 78.09 will result in 78.49 and 78.87. Initial support is at 77.90 with 77.67 as the key support.
Gbp/Inr December 2014 (expiry on 29th December): Cable can rise to 98.81 and 99.52 as long as it trades over 98.12. There will be sellers only if cable trades below 98.12 in UK session.
Jpy/Inr December 2014 (expiry on 29th December): A break of 53.08 will result in 53.36 and 54.02. Initial support is at 52.77.
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