USDINR     : Rupee touched the levels of 47 plus and corrected significantly down (unexpectedly) due to fresh bout of dollar selling happening overseas. The trend maintains bullish in rupee but we may look at 47 plus levels again till year end. (USDINR - 46.39) 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. The patterns are quite unexpectedly changing due to global events. Break of 1.4800 would make the pair bearish until then Rangebound. (EURUSD - 1.5070) Neutral.

GBPUSD   : GBP witnessed a very strong rebound from 1.6270 levels to 1.6570 currently (300 pips) .Sell positions can be built around 1.6634 levels for a target of 200-300 pips move in medium term.(GBPUSD - 1.6569) Bearish.

USDJPY      : JPY reached its target of 85 on Friday due to heavy bout of risk aversion seen in the markets. The range seems to be between 85 to 87 with a  strong bias still.(USDJPY - 86.34) Bullish.

AUSUSD     : AUDUSD moved down but was unable to stay below 0.9050 and bounced back unexpectedly again. Breaking below 0.9050 would push the pair till 0.8800 levels. Please note that AUD is unable to rise despite higher GOLD prices seen across. (AUDUSD - 0.9176) Neutral.

Gold           : Gold climbed further to another record high of $1195 last week but failed to meet $1200 psychological level and pull back sharply. Nevertheless, the fall from $1195 was contained by 38.2% retracement of $1026.9 to $1195.0 at $1130.8 and gold recovered strongly to close at $1174.2. With a short term top in place, initial bias is neutral this week and some sideway trading should be seen. A break below $1130.8 Fibonacci level cannot be ruled out. But after all, downside of the pull back should be contained by cluster support at $1091/94 level (38.2% retracement of $931.3 to $1195 and 61.8% retracement of $1026.9 to $1195) and bring up trend resumption. Break of $1195 will target next medium term projection level at $1258. (Gold -$1179) Bullish.

Dollar Index: Dollar index is taking support close to 74 levels. We are moving towards 75.88 levels soon. (DI - 74.545) Neutral