Rupee : Rupee reached our exact target of 49.20 levels and corrected lower. We would favour going longs around 48.60 -65 levels (importers cover). Despite up move in stock markets rupee is unable to maintain strength and moroever since slight strength in dollar across pushes rupee down severely. We maintain bearishness in rupee in medium term. Only and Only if we get support from dollar strength and bearish momentum in stocks , commodities and dollar index we could see rupee at 50 levels soon otherwise rangebound between 48.60 and 49.20. Bearish (USD/INR : 48.73)

Euro : Euro longs around 1.4200 had given us 100 pips on friday. We feel it is still in a rangebound between 1.42-1.44 levels. Only staying below 1.4180 levels would break the weekly trendline for the pair.. Buy on dips remains the strategy after fridays rebound. (EUR/USD 1.4332) Neutral

Sterling : Pound is holding below its weekly trendline resistance at 1.6450. Look at selling at upticks. Immediate sell target is 1.6440 levels and buy targets close to 1.62 levels. Staying below 1.6200 would target 1.58. (GBP/USD 1.6372) . Bearish

Yen : Yen has again entered the weekly triangle consolidation pattern between 92 to 98 levels. Risk aversion and Risk appetite has been playing sea-saw since last couple of months. The triangle pattern is very much visible within the weekly range. Buy at dips close to 92-93 and sell at 96-97 levels remains the strategy. Medium term target is 90. (USD/JPY 93.16) Rangebound

Aud : Aud maintains the bullish bias. Buying at dips close to important supports remains the best strategy in the current market scenario.Only a continous move below 0.8200 would break the trendline and stand bearish for the pair. (AUD/USD -0.8513) Broke out of range hence bullish.

Gold : Gold broke out of recent broad trading range of $ 935 to $966 and close above trendline resistance of $966. We find the rally impressive and the momentum looks strong in gold. It is likely to test a new high above 1000. (GOLD : 993.64)Bullish

Dollar Index : The Dollar Index (basket against 6 currencies with EUR accounting for 57% of the basket) needs to break the levels of 79.50 to maintain strength again otherwise rangebound. (Dollar Index - 78.30).Neutral.