USDINR   :  Rupee opened  a little strong on broad dollar weakness overseas. It is likely to be in the range of 46.20 to 47 till december end. We are likely to witness some profit booking in global asset classes before decemeber which can make the rupee slightly weaker towards 46.90 levels again. The overall trend if rupee still remains bullish.  (USDINR - 46.29) Bullish.

EURUSD : EURO is making a rising wedge pattern with clear divergence in the daily and weekly charts. Usually this kind of pattern leads to a strong correction downwards. Incase we don't see the levels of 1.5060 breaking soon we are going to see a steep bearish move downwards towards a 1.4625 and 1.4450 levels. (EURUSD -1.4996). Neutral.

GBPUSD : GBP attempted to push lower yesterday, bottomed at 1.6496 but further bearish pressure was rejected as price closed much higher at 1.6580. It seems that cable still holds bearish bias till it is below 1.6690 levels. Shorts could be initiated between 1.6600-1.6680 levels targetting 1.6500 levels. Only a break of 1.67 would threaten bearish outlook again. (GBPUSD - 1.6618) Neutral to Bearish.

USDJPY  : JPY broke above the range area, bottomed at 88.34 and closed at 88.50. This fact should trigger further bullishness for yen targeting. (USDJYP - 88.30) Bullish.

AUDUSD : AUDUSD made a false breakdown below 0.9180, bottomed at 0.9129 but closed higher at 0.9204.  The pair is still moving in rangebound fashion and clearly remains highly overbought. We would favour bearishness in medium term incase we see .9100 breaking again coupled with breakdown in euro. Important support level to be watched today is 0.9180 area.(AUDUSD - 0.9260)  Neutral to Bulish.

Gold       : Gold's rally resumed by taking out $1153.4 and reaches another record high of $1176 currently . Short term target of 161.8% projection of $985.5 to $1072 from $1026.9 at $1166.9 is met but there is not sign of topping yet. Short term outlook will remain bullish as long as $1132.5 support holds. Sustained trading above $1166.9 will target $1200 psychological resistance next. On the downside, below $1132.5 will indicate that a short term top is formed, possibly with bearish divergence in short term charts.Some pull back should be seen but downside should be contained above $1072 resistance turned support and bring rally resumption.  (Gold - $1176.50) Bullish but Overbought.

Dollar Index : The dollar index move is similar to that in EUR/USD due to Euro's heavy weight in it. Intraday bias is neutral for the moment. But still, corrective structure of the rise from 74.68 to 75.88 favors the case that more downside is to be seen and a break of 74.68 will target 74.31 key support next. But after all, strong support is expected from 74.31 to finally conclude the medium term decline from 89.63 to bring strong rebound. On the upside, a break above 75.88 will flip intraday bias back to the upside for a test on 76.82 resistance first.(DI - 74.93) Neutral