Rupee: Rupee appreciated quickly after touching 48.10 in the early session yesterday meeting our view. Support comes at 46.80, staying above which can bring more range bound trading. However, below 46.80 rupee is likely to test our medium term target of 46.00. (USD/INR : 47.49). Medium Term Bullish.

Euro: Euro recovered after taking support near the 55 4-hourly EMA at 1.3793 yesterday. The hourly & 4-hourly charts are overbought, but flat indicating further upside. Resistance remains at 1.4050 (week's high) breaking above which can take Euro to 1.4180 (50% Retracement of the fall in weekly). Immediate cluster support comes at 1.3925 where cautious long could be initiated else wait for a deeper correction upto 1.37 to initiate buys. (Eur/Usd:1.3977). Bullish above 1.3600.

Pound: Cable as expected fell to take support around 1.5850 (channel trendline) yesterday. The hourly and 4-hourly charts have become neutral while the daily is strongly overbought. Upside remains at 1.6040 above which is the 55-weekly EMA at 1.6230. Cable's rally could be restricted there however, avoid initiating short positions as Cable is still in an uptrend as long as it holds above 1.5465.Initiate longs around 1.5750 levels for 150 pips. Stay cautious on shorts before 1.6200. (Gbp/Usd: 1.5970). Short term Bullish

Yen: Yen pair still bearish till it is holding below 98.25 which is the falling trendline .Currently yen is near its cluster moving averages near 96-96.50 levels. Still bearish for the pair.. Break of 98.25 decesively will turn outlook bullish for the pair.USD/JPY 96.49).Bearish

Australian Dollar:Aussie witnessed 120 pips recovering from 0.7758 low. The charts continue to show further upside as they have flattened in the overbought region. Longs can be entered around 0.7820 levels (cluster EMA support in 4-hourly and hourly). On the upside, strong resistance comes around 0.7935 (50% Retracement of the fall in weekly). (Aud/Usd: 0.7877).Bullish

Gold: Gold touched $964 yesterday making a reversal bar of bullish divergence. Confirmation to the same today may lead Gold higher to soon test $1000 (double top). The charts continue to indicate further upside. Accumulate longs around $945-$952 for $15.(Gold- 962.82). Bullish

Dollar Index:DX surged to above 81 levels yesterday, however, it shed most of its early gains and is currently trading at 80.35 meeting our view (refer the chart in the website). The charts have turned mid-way to indicate selling bias in dollar. Below 80.20 target remains 79.66. Overall Bearish. (DI- 80.36)

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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.