Rupee : Rupee strengthened due to strong dow and weak dollar index. The bias is still not quite bullish yet. Importers take this strength as an opportunity to book forwards for few days. Exporters can look at higher levels to cover again. Target 49 plus levels.Slight bearish. (USD/INR : 48.45)

Euro : Euro has broken the 1.4320 levels and picked up momentum again. Immediate term bias slightly bullsh since it could not break 1.40 levels and picked up again. We have to be careful since all the charts are overbought. The weekly trend which determines the medium term view of euro would be broken ONLY once euro stays below 1.3852. Look at going longs at 1.42 levels . (EUR/USD 1.4334)

Sterling : Cable was unable to hold above 1.6625 levels on friday and fell down again despite an increased Dow and Euro. . Strong resistance near 1.6610 levels . We can go long near 1.6450 levels for intraday gains. Only a break of 1.6200-1.6250 would confirm a trend reversal for the pair and target 1.58 again. (GBP/USD 1.6478) . Neutral

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 93 and sell at 97-98 levels remains the strategy. (USD/JPY 94.80) Rangebound

Aud : Aud has again picked up momentum with increased gold and crude prices. The sell off in commodity prices was reversed in the last 2-3 days. The immediate strategy would be to buy on dips.Only a continous move below 1.8150 would break the trendline and stand bearish for the pair. (AUD/USD -0.8380) In Correction Mode.

Gold : Gold has also picked up amazing momentum lately .Bullish only above 960 dollar otherwise rangebound.(Gold- $953.58). Rangebound

Dollar Index : The Dollar Index (basket against 6 currencies with EUR accounting for 57% of the basket) broke the 78.23 support. It suggests that rebound from 77.43 is possibly in corrective three wave structure which in turn indicates that whole medium term fall from 89.62 is not completed yet. Nevertheless we would expect a very strong support near 76 levels and bring a reversal. We need a break of 79.51 is needed to revive the case that dollar index has bottomed out. (Dollar Index -78.15). Bearish

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DISCLAIMER These views/ forecasts/ suggestions, though proferred with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice.Though the information sources are believed to be reliable, the information is not guaranteed for accuracy.