Rupee: Rupee witnessed a historic 3.1% rise yesterday breaking past the support of 48.80 to test 47.76. Rupee met our yesterday's target of 47.60 and is set to head towards 47.20 on Tuesday. The bias continues to be in favour of the local unit as more FIIs are expected to flow in indian market. (USD/INR : 47.51). Bullish.

Euro: Euro gained support from the 21 Daily EMA around 1.3422 and surged 140 pips higher. The 4-hourly and hourly charts are reaching overbought, thus retracement upto 1.35 and then to 1.3420 could be expected. Buying at dips is suggested. Alternatively, with the charts getting overbought selling around 1.37 levels also could be considered for 80-100 pips. (Eur/Usd:1.3561). Short Term Bullish.

Pound: Cable took support close to 1.5115 levels and surged more than 200 pips, giving us money on the long positions done yesterday. The hourly and 4-hourly stochastic is getting overbought with resistance around 1.5440. Opportunities to initiate cautious shorts around 1.5380 - 1.54 levels for 100-120 pips could be considered. (Gbp/Usd: 1.5330). Neutral

Yen: The Usd/Jpy pair rose to the highs of 96.45 yesterday. The 4-hourly charts are over-bought and crucial resistance comes in around 96.90 levels. Going short in the pair around these levels can be considered for intraday 80 pips gain. BEARISH (Usd/Jpy: 96.46).

Australian Dollar: Aussie rose yesterday from 0.7450 to test 0.7687 on the back of weak US dollar. The hourly and 4-hourly charts are overbought while the daily chart has become neutral. Weekly cluster resistance comes at 0.7780 where shorts could be initiated for 80-100 pips. (Aud/Usd: 0.7665)

Gold: Gold shed some of its shine yesterday as it fell from $933 to $915. Crucial support comes in at $910 (21 daily & 100 4-hourly EMA). A range-bound session can be expected as far as $910 is held where cautious longs can be considerd. Range-bound. (Gold- 921.42)

Dollar Index: DX fell below 83 levels as expected with the stochastic indicating further selling bias. USD remains weak as far as DX holds below 84. Range-Bound (DI- 82.64).

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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.