I am not commenting much. FOMC meet will be the key for the rupee as well as emerging markets. There is nothing much on the domestic front. The next one week is very crucial for the rupee against the major currencies. The current weakness in the rupee will result some in modification of next year’s upper end and lower end targets by the investment community as well as corporates. Rupee will gain if and only if there is profit taking.
Usd/inr December 2014 (expiry on 29th December): A break of 64.15 will result in 64.36 and 65.05. Initial support is at 63.66. There will be another wave of selling if usd/inr trades below 63.66 in UK session.
Euro/inr December 2014 (expiry on 29th December): Key short term resistance is 80.48 and only a break of 80.48 will trigger the next wave of rise to 81.30-82.29. In case euro/inr does not break and trade over 80.48 by tomorrow then it will fall to 77.70 and 75.70 in January.
Gbp/Inr December 2014 (expiry on 29th December): Key short term resistance is at 100.88. Only a break of 100.88 will trigger the next wave of rise to 101.7975 and 103.38. Initial support is at 100.31. There will be sellers only if gbp/inr trades below 100.31 in UK session.
Jpy/Inr December 2014 (expiry on 29th December): Resistance is at 54.82. A break of 54.82 will result in 56.99 and 57.73. Initial support is at 54.45. There will be sellers only below 54.45 today.
Usd/inr December 2014 (expiry on 29th December): A break of 64.15 will result in 64.36 and 65.05. Initial support is at 63.66. There will be another wave of selling if usd/inr trades below 63.66 in UK session.
Euro/inr December 2014 (expiry on 29th December): Key short term resistance is 80.48 and only a break of 80.48 will trigger the next wave of rise to 81.30-82.29. In case euro/inr does not break and trade over 80.48 by tomorrow then it will fall to 77.70 and 75.70 in January.
Gbp/Inr December 2014 (expiry on 29th December): Key short term resistance is at 100.88. Only a break of 100.88 will trigger the next wave of rise to 101.7975 and 103.38. Initial support is at 100.31. There will be sellers only if gbp/inr trades below 100.31 in UK session.
Jpy/Inr December 2014 (expiry on 29th December): Resistance is at 54.82. A break of 54.82 will result in 56.99 and 57.73. Initial support is at 54.45. There will be sellers only below 54.45 today.
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