Technical Outlook:

EUR/USD: Euro is currently trading at 1.4354 levels. Euro is slight positive vs. the greenback as Fed said growth was considerably slower than it expected and kept the key interest rates of US unchanged. Support is seen at 1.4283 levels (21 days daily EMA) while resistance is seen at around 1.4407 levels. EUR/INR (64.54): Exporters can cover short term exposure at current levels while importers can cover short term exposure at 63.90 and below. EUR/INR is likely to trade in the range of 63.90-64.65 levels today. Short term: Bearish. Medium term: Bearish. Target 1.3800 levels.

GBP/USD: The Pound is currently trading at 1.6292 levels. The pound weakened against the dollar and euro after Trade Balance and Manufacturing data came out weaker than expected and as the riot continues in UK adding to signs the UK economic recovery is faltering. Support is seen at 1.6220 levels (100 days daily EMA) and strong resistance is seen at around 1.6321 levels (21 and 55 4hrly EMA). GBP/INR (73.24) Exporters can cover short term exposure at 73.60 while the short term importers can cover on dips towards 72.80 levels. GBP/INR is likely to trade in the range of 72.80 - 73.70 levels today. Short term: Bearish. Medium term: Bearish. Target - 1.5800 levels

USD/JPY: Yen is currently trading at 76.87 levels. Yen continues to be bullish against the US dollar as Investors are buying yen heavily even after the last week intervention to safeguard their wealth from sovereign debt concerns in Europe and the U.S. Support is seen at around 76.24 levels while resistance is seen at 77.59 levels (21 days 4 hourly EMA). Yen Exporters are suggested to book exposure at current levels and Importers can cover above 78.50 levels. Outlook: Short term to medium term: Maintain bearish for the pair. Target 76 levels again.

AUD/USD: The commodity currency recovers from the lows of parity levels and is now currently trading at 1.0357 levels. The commodity currency recovered from the losses yesterday as stock market in Asian session revived positively after Fed pledged to keep the key interest rates unchanged at least till mid 2013 to spur growth in slowing US economy. Support is seen at around 1.0038 levels and resistance is seen at 1.0554 levels (55 days 4hrly EMA). Exporters are suggested to book exposure near 1.0500 while Importers can partially cover their near term exposure at current levels and further on dips. Short term: bearish. Medium term: bearish.

Oil: Oil is currently trading at 82.12 levels. Oil recovered as investors speculate fuel demand will increase amid shrinking oil stockpiles and comments by the Fed that it is prepared to use a range of tools to spur growth in the weakening US economy. Support is seen at around 77.39 levels while resistance is seen at 83.36 levels (21 days 4 hourly EMA). Outlook: Short term bearish and medium term bearish. Trades can buy at 

Gold: Gold is currently trading at 1758.56 levels. Gold fell to the lows of 1718 levels but recovered again as global uncertainties continue to haunt Investors around the globe. Support is seen at around 1714.47 levels while resistance is seen at around 1779.64 levels. Outlook: Medium term Bullish. Traders can buy at 1620-1630 levels for the medium term and gain at least a profit of USD 100.

Dollar Index: DI is currently trading at 74.06 levels. Dollar is weak slightly after Fed announces yesterday that they will continue with their low interest rates at least till mid 2013 to spur growth in the weakening US economy. Support is seen at around 73.85 levels and Resistance is seen at 74.45 levels (21 days daily EMA). Outlook remains Slight bullish for Short Term and Medium Term: Bullish Target 76 levels.

DISCLAIMERThese views/ forecasts/ suggestions, though proffered 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. Those acting in the market on the basis of these are themselves responsible for any profits or losses that might occur, without recourse to us. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.