EUR/USD: Euro is currently trading at 1.3588 levels. Euro dropped drastically versus the dollar on speculation German Chancellor Angela Merkel is preparing for a Greek default, decreasing demand for the shared currency. Support is seen at around 1.3500 levels while resistance is seen at 1.3723 levels (200 days weekly EMA). Exporters can cover short term exposure at 64.00 while importers can cover exposure at 63.00 levels and below. EUR/INR is likely to trade in the range of 63.20 - 63.90 levels today. Short term: Bearish. Medium term: Bearish. Target 1.40 reached. Target 1.3300 next.

GBP/USD: The Pound is currently trading at 1.5848 levels. GBP weakened vs. the dollar as risk aversion grips the market on speculation Greece will default, making traders and investors to run for the safety of the greenback. Support is seen at around 1.5777 levels and resistance is seen at 1.6036 levels (21 days 4hrly EMA). GBP/INR (74.34) Exporters can cover short term exposure at 74.50 levels while the short term importers can cover on dips towards 73.00 below levels. GBP/INR is likely to trade in the range of 74.20 - 74.50 levels today. Short term: Bearish. Medium term: Bearish. Target 1.6000 levels achieved. Next Target 1.5600.

USD/JPY: Yen is currently trading at 77.52 levels. Tertiary Industry Activity m/m data came out weak and BSI Manufacturing Index came out better this morning. Support is seen at 77.16 levels (55 days 4hrly EMA) while resistance is seen at 78.71 levels (100 days daily EMA). Yen Exporters are suggested to book exposure partially at 77 levels and Importers can cover above 78.50 levels. Outlook: Short term slight Bullish and medium term: Maintain bearish for the pair. USD/JPY pair can move toward 78 levels.

AUD/USD: Australian dollar is currently trading at 1.0375 levels. The commodity currency is also weak vs. the greenback on concern Greece may default, prompting investors to sell higher yielding assets. Support is seen at 1.0310 levels and resistance is seen at 1.0526 levels (21 days weekly EMA). Exporters are suggested to book exposure at 1.0500 while importers can partially cover their near term exposure at 1.0200 and further on dips. Short term: bearish. Medium term: bearish. Target 1.0200 levels.

Gold: Gold is currently trading at $1848.50 levels. Gold is slightly under selling pressure on concern of potential Greece default which increased the strength of the US dollar and some investors sold the metal to cover losses in other markets. Support is seen at 1829.53 levels (21 days daily EMA) while resistance is seen at around 1874.09 levels. Buy on dips levels. Outlook: Medium term Bullish with slight corrections in between Target 1900 again

Oil: Oil is currently trading at 86.11 levels. Oil collapsed on speculation demand for fuel may falter amid signs European policy makers are struggling to contain the region's debt crisis. Support is seen at around 83.85 levels while resistance is seen at 89.26 levels (55 days daily EMA). Outlook: Short term bearish and medium term bearish. Target 84 levels.

Dollar Index: DI is currently trading at 77.37 levels. Dollar is strong amid continuing strong risk aversion in the market following the speculation that Greece may default on its debt obligations. Support is seen at around 76.29 levels and Resistance is seen at around 77.90 levels. Outlook remains Slight bullish for Short Term and Medium Term: Bullish. Target 76 levels achieved. Next target 78.00

These 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.