Technical Comments :

Rupee: Rupee broke 48.40-48.50 levels due to increasing stocks and dollar weakness consistent across global markets for last 4-5 sessions. We are not very convinced about dollar strength returning though technically we feel that Rupee if manages to stay below 48.40 for 2-3 sessions (1 session is completed) , we may see rupee strength SHORT TERM. Risk appetite is slightly on. We maintain that in medium term we would see dollar strength/rupee weakning again returning. Mildly Bearish.(USD/INR : 48.19)

Euro : Euro broke the trendline resistance of 1.4176 which leaves the door open for 1.4336 area.. It should hold today above 1.4150 levels to make its way towards the next target of 1.43. Slightly bullish. Resist buys though.(Eur/Usd:1.4209)Neutral

Sterling : Cable moved up till 1.6540 levels (imp resistance) and corrected till 1.6450 levels in the US Session. The fundamental picture remains extremely weak after the latest numbers. Technically staying above 1.65 could be bullish in SHORT TERM (GBP/USD 1.6510) Slightly bullish.

Yen : Yen after retracing till 94.75 levels have again moved down till 93.80 . Yen if unable to stay above 94.50 would signal a round of fresh risk aversion beginning..If yen is able to move below 92.50 again we could target 90.(USD/JPY-93.80) Neutral in short term.

Aud : Aud is slightly bullish due to risk increase across commodities. It needs to stay above 0.8000 for 2-3 to maintain bullishness. Immediate support at 0.7950. Break below that area should trigger bearish momentum. (AUD/USD -0.8120) Neutral

Gold : Gold has moved above $940 dollars favouring bullishness in the commodity. We prefer no buys for the time being since we still feel its in a consolidation phase and a fall cannot be ruled out.(Gold- $948.80). Neutral

Dollar index: Dollar index is still a range bound with slight downward pressure . We're anticipating that a break and hold below 79.35 support will only turn the outlook short term bearish till 77.70 levels.Rangebound.(Dollar Index - 78.90) Rangebound.