Rupee: Rupee rebounded to 47.40 in the early trade today after taking support around our target of 46.80. Importers can start booking near term contracts around 47.00 levels while exporters should look for retracements upto 48 levels to sell. (USD/INR : 47.36). Range-Bound

Euro: Euro surged to 1.4050 levels in the US session on Friday with the daily and weekly charts still indicating an upside. The 4-hourly charts are due for some correction and can take Euro to 1.3860 levels (21 4-hourly EMA). Such dips / retracements should be considered as a buying opportunity in Euro. On the upside sustained trading above 1.3975 can push Euro higher to 1.4170 (50% of the fall from 1.6038 to 1.2329). (Eur/Usd:1.3991). Short Term Bullish.

Pound: Cable surged close to 830 pips last week to touch 1.5944 high despite the news of S&P downgrading the UK Economy. The daily & 4-Hourly charts are highly overbought with first resistance around 1.6035 (38.2% of the fall from 2.0158 to 1.3502) and then at 1.6228 (55 Weekly EMA). Initiate longs around 1.5750 (21 4-hourly EMA) for 150-200 pips. Stay cautious on shorts before 1.62. UK market Holiday today. (Gbp/Usd: 1.5877). Short term Bullish

Yen: The Usd/Jpy pair corrected from 93.85 low of Friday and is trading around 94.80 levels today. The daily and weekly charts continue to indicate selling pressure in the pair while the 4-hourly is getting overbought. The pair is taking resistance around the 21 4-houlry EMA beyond which the next resistance comes around 95.60 where shorts in the pair could be considered. Overall outlook remains bearish and a test of 92.50 is probable. (Usd/Jpy: 94.68).

Australian Dollar: Aussie is being contained below the 0.7800 weekly resistance. The charts have flattened in the overbought region and only a decisive break above 0.7800 resistance can push Aussie towards 0.7935 (50% Retarcement of the fall). Initiate longs at dips around 0.7550 levels else short around 0.7900 for 200 pips correction. (Aud/Usd: 0.7786)

Gold: Gold surged higher to $961 in Friday's session mainly due to dollar weakness across the board. Although the charts are overbought; we maintain our view for going long in Gold at corrections around $925 & $945 - 21 daily EMA & 21 4-hourly EMA as the overall bias for gold is bullish. Bullish (Gold- 954.62).

Dollar Index: DX is pressing against our support target of 80.20 (as mentioned in our charts) breaking of which can bring further bearishness to 79.66. The stochastic continues to be flat in the oversold region. A small rebound could be expected from 79.66 support. (DI- 80.20) ) 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.