Unconfirmed reports suggests that RBI started intervening in the markets as soon as news of Swiss abandoning the three year currency limits spread out. But nonetheless it was a technical trade for the rupee against the major currencies. Currency markets are still reeling under the Swiss snub and it remains to be seen how long the same lasts. There will be medium term to long term repercussion on the currency markets. European central bank meeting next week and the FOMC meet on 28th January. The swiss decision will have an impact on decision by these two big central banks.
Trade carefully, that’s all I can comment for now. The first phase of correction is over the rupee (against the major currencies). The next wave will be there only on a fall below yesterday’s lows. RBI interest rate cut yesterday will be positive for the rupee in the medium term.
Usd/inr January 15 (expiry on 28th January 15):
Jobbers aggressive buy over: 62.32 stop loss 61.19 for6 62.52-62.79
Jobbers aggressive sell below: 62.12 stop loss 62.2475 for 61.9650-61.7650-61.6175
Key resistance is at 62.3675. Only a consolidated break of 62.3675 will result in another wave of rise to 62.5225 and 62.7675. Initial support is at 62.10 with 61.7675 and 61.5125 as key supports.
Euro/inr January 15 (expiry on 28th January 15):
Jobbers aggressive buy over: 72.72 stop loss 72.59 for 72.89-73.12
Jobbers aggressive sell below: 72.42 stop loss 72.51 for 72.2925-72.0775
Euro/inr needs to trade over 72.2225 till Monday to prevent sell off to 71.7875 and 70.6775. Only a break of 72.86 will resume the intraday bullish zone.
Gbp/Inr January 15 (expiry on 28th January 15):
Jobbers aggressive buy over: If trade over 94.7775 (after 2:00 pm IST) stop loss 94.6375 for 95.0550-95.6750
Jobbers aggressive sell below: No call
Cable needs to trade over 94.7675 today to rise to 95.03-95.76. As long as cable trades below 94.7675, it can still fall back to 94.25 and 93.99.
Jpy/Inr January 15 (expiry on 28th January 15):
Yen/inr can rise to 54.30 and 55.12 by next week as long as it trade over 53.3375. There will be sellers if yen/inr trades below 53.3375 in UK session anyday till next week.
Trade carefully, that’s all I can comment for now. The first phase of correction is over the rupee (against the major currencies). The next wave will be there only on a fall below yesterday’s lows. RBI interest rate cut yesterday will be positive for the rupee in the medium term.
Usd/inr January 15 (expiry on 28th January 15):
Jobbers aggressive buy over: 62.32 stop loss 61.19 for6 62.52-62.79
Jobbers aggressive sell below: 62.12 stop loss 62.2475 for 61.9650-61.7650-61.6175
Key resistance is at 62.3675. Only a consolidated break of 62.3675 will result in another wave of rise to 62.5225 and 62.7675. Initial support is at 62.10 with 61.7675 and 61.5125 as key supports.
Euro/inr January 15 (expiry on 28th January 15):
Jobbers aggressive buy over: 72.72 stop loss 72.59 for 72.89-73.12
Jobbers aggressive sell below: 72.42 stop loss 72.51 for 72.2925-72.0775
Euro/inr needs to trade over 72.2225 till Monday to prevent sell off to 71.7875 and 70.6775. Only a break of 72.86 will resume the intraday bullish zone.
Gbp/Inr January 15 (expiry on 28th January 15):
Jobbers aggressive buy over: If trade over 94.7775 (after 2:00 pm IST) stop loss 94.6375 for 95.0550-95.6750
Jobbers aggressive sell below: No call
Cable needs to trade over 94.7675 today to rise to 95.03-95.76. As long as cable trades below 94.7675, it can still fall back to 94.25 and 93.99.
Jpy/Inr January 15 (expiry on 28th January 15):
Yen/inr can rise to 54.30 and 55.12 by next week as long as it trade over 53.3375. There will be sellers if yen/inr trades below 53.3375 in UK session anyday till next week.
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