Technical Outlook:

EUR/USD: Euro is currently trading at 1.3331 levels. The Euro is under selling pressure on expectation that ECB will turn dovish this week in its monetary policy and as Investors are cautious about the global recovery losing momentum even after the Euro zone officials continuous efforts in containing the debt crisis. Support is seen at 1.3185 levels (100 days monthly EMA) and resistance is seen at 1.3500 levels.  EUR/INR is at 65.96 levels. Exporters can cover short term exposure at current levels while Importers can cover exposure at 65.00 levels and below. EUR/INR is likely to trade in the range of 65.30 and 66.10 levels for today. Short Term: Bearish Medium Term Bearish. Target 1.3300 levels achieved. EUR/INR should be in the range of 65-67 levels in the near term.

GBP/USD: GBP is currently trading at 1.5543 levels. GBP is under selling pressure amid rampant risk aversion in the market. Looking ahead Manufacturing PMI data is expected weak. Support is seen at around 1.5500 levels and resistance is seen at 1.5698 levels (21 days daily EMA). GBP/INR (76.88) Exporters can cover short term exposure at current levels and slightly higher while the short term importers can cover on dips towards 75 and below levels. GBP/INR is likely to trade in the range of 76.40 and 76.90 levels today. Maintain short term Bearish and Medium 

Term Bearish. Target 1.53-1.54 levels

USD/JPY: Yen is currently trading at 76.96 levels. Yen is slightly strong on concern that Euro zone debt crisis will halt global growth, spurring demand for the currency as a safe haven. Japan's Tankan Manufacturing Index data came out neutral and Tankan Non-Manufacturing Index data came out weaker than expected this morning. Support is seen at around 76.17 levels while resistance is seen at around 77.49 levels. Yen exporters are suggested to book exposure partially at current levels and Importers can cover above 78.00 levels. Outlook: Short Term slight Bullish and Medium Term: Maintain bearish for the pair. USD/JPY pair should range in 76-78 levels. Bounce back till 80 levels is possible

AUD/USD: AUD is currently trading at 0.9637 levels. The commodity currency is under selling pressure as risk sentiment fades amid concern on faltering global growth, decreasing demand for higher yielding assets. Support is seen at around 0.9500 levels and resistance is seen at 0.9728 levels (100 days weekly EMA). Exporters have already been suggested to book export exposure at 1.0300-1.0400 levels while Importers can cover partially their near term exposure at current levels and further on dips. Short Term: Bearish Medium Term: Bearish. Target 0.9600 achieved.

Oil: Oil is currently trading at 78.09 levels. Oil is under selling pressure amid risk aversion in the market as Investors are cautious that a slowing US economy and Europe's debt crisis will curb fuel demand. Support is seen at around 77.08 levels while resistance is seen at 81.35 levels. Outlook Short term bearish and medium term bearish Target 80 levels achieved.

Gold: Gold is currently trading at 1631.48 levels. Gold is currently trading consolidated since the valuations of gold had gone to expensive and dollar flow is increasing decreasing demand for gold as an alternative investment. Support is seen at 1593.89 levels (200 days daily EMA) and resistance is seen at 1683.83 levels (100 days daily EMA). As suggested at 1800 dollars gold is in consolidation phase. Stay away from longs until we see significant corrections. Bearish in short term target 1500 dollars.

Dollar Index: DI is currently trading at 78.79 levels. Risk aversion is rampant throughout the market as Investors continue to flock towards the safety of the US dollar as uncertainty lingers regarding the global growth. Looking ahead ISM Manufacturing PMI data is expected. Support is seen at around 77.89 levels (100 days weekly EMA) and resistance is seen at 79.41 levels (200 days weekly EMA). Outlook remains slight bullish for Short term and Medium Term: Bullish. Target is 78-78.50 levels achieved.

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.