Technical Comments :

Rupee :Rupee opened lower at 47.70 taking cues of dollar strength across the board. Resistance for Rupee comes around 47.95 (38.2% Retracement of the recent fall) and then at 48.35 (50% Retracement). Rupee is expected to remain within 47.20 – 48.30 levels. Selling at upticks during the day can be considered. Outlook remains strong below 48.35 levels. (USD/INR : 47.82). Medium Term Bullish.

Euro : Euro plunged close to 200 pips to take support of the 21 Daily EMA at 1.3935. Currently, Euro is kissing the same support level with the daily charts remaining neutral. Breaking of this support will lead Euro towards 1.3785 support (38.2% of the recent rise). Initiate longs at 1.38 for 100-150 pips. (Eur/Usd:1.3939). Bullish above 1.3750.

Sterling :Cable made a double top formation at 1.66 levels and receded close to 300 pips on Friday. The daily charts are overbought while the 4-hourly also indicates further selling pressure. Avoid initiating shorts at the moment. Wait for a deeper pull back to buy. Consider buying around 1.6085 – 1.61 (21 Daily EMA) for 100 -150 pips. (Gbp/Usd: 1.6367). Short term Bullish

Yen :Dollar-Yen pair is trading sideways confined between the cluster support of 97 levels and resistance of 99.55. The 4-hourly chart is overbought and may bring a correction. On the upside resistance remains at 99.50 resistance (55 weekly EMA & horizontal resistance). Decisive break of this level can take the pair higher to 102 levels. Neutral

Australian Dollar :Aussie traded sideways within 150 in Friday's session and opened with a 40-pips gap-down today. Immediate resistance comes at 0.8261 (previous high – double top) with the daily charts being overbought. Correction is expected from these levels with immediate support at 0.7912 (21 Daily EMA) where longs could be initiated for 100 pips. (Aud/Usd: 0.8074). Bullish.

Gold :Gold weakened $22 in the last trading session as the dollar rebounded taking Gold to $835 lows. Immediate support comes at $931 (long term trend-line & 55 Daily EMA) with the charts yet to correct to being oversold. Cautious long positions can be considered around $830 for $10-$15. (Gold- $937.40). Bullish

Dollar Index : DX bounced back from 79 levels (as expected) and is currently trading above 80-mark. The chart is neutral with minor support around 79.10 levels and 38.2% Retracement resistance around 82.46 which could be held. (DI- 80.20) Overall Bearish.