Technical Comments :

Rupee :Rupee seem to be moving in range-bound fashion for 3-4 days . It needs to break 48.60 to get a confirmation of the uptrend resuming again. Its likely to hover in a range of 48.20-48.40 today. Its important that it should get support from dollar bearishness from overseas pairs and Dollar Index. Please note that there are stiff resistances in BSE and NSE and the current valuations. Mildly Bullish.(USD/INR : 48.25)

Euro :Euro still in the range and unable to break 1.4150 support or 1.43 resistance . Break of either side would determine direction of Euro for the next few days.(Eur/Usd:1.4256) Neutral

Cable : Cable is also stuck in the range of 1.65 to 1.6380 for the last few days. Technically only a break of 1.6550 would again turn the view bullish.(GBP/USD 1.6502) Neutral

Yen : Yen needs to move above 95.27 (55 day EMA) and 95.74 (100 Day EMA) to maintain risk appetite in the market. (USD/JPY 95.09) Slightly Bullish

Aud:Aud has stayed above .8200 for the last few sessions with continuous rise in Commodity prices and precious metals. It has already moved to this year highs. Only a break of .7950 would trigger bearishness in the pair. (AUD/USD -0.8275) Bullish but Overbought.

Gold :Gold is hovering around $ 950 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. Fresh round of buying would accelarate only once the pair breaks 860 dollars on closing basis.Break of 945 dollars in Gold would make the short term outlook bearish.(Gold- $953.80). Bullish

Dollar Index :Dollar index is still a range bound with slight downward pressure . We strongly feel that a constant hold below 79.35 support will only turn the outlook short term bearish till 77.70 levels. (Dollar Index - 78.62) Slightly Bearish