Rupee : Rupee corrected to close to 48.40 levels due to excessive euro strength overseas. We expect rupee to hold weak in medium term targeting 49 plus levels again. We have support from 48.20-30 levels which are strong moving averages support- (100 days and 50 days). Importers are advised to buy at 48.30-40 levels. Exporters hold on to cover again. Bearish (USD/INR : 48.40).

Euro : We saw that the pair made a downside rebound, bottomed at 1.4560 (around the rising wedge lower line) before made a bullish momentum topped at 1.4685 and closed at 1.4660. The rising wedge formation and channel resistance at 1.47 levels shows that there is only a little room left for movement and a downward breakout looks possible. Immediate support is seen at 1.4570. Break below that area could be a valid breakdown from the rising wedge and could trigger a downside momentum. . (EUR/USD 1.4680) Neutral.

Sterling : Pound broke below 1.65 after the comments from the King. It holds a strong resistance at around 1.6530 below which the outlook remains bearish. Shorts to be favoured if cable maintains below 1.6500 levels again. (GBP/USD 1.6472) . Neutral to Slight Bearish

Yen : Yen attempted to push higher yesterday but failed to break above 91.80 and closed lower close to 91.00. The bearish correction phase might over now and we are ready for a bearish continuation outlook. The bias is bearish in nearest term re-testing 90.20 area. Immediate resistance at 91.60/80 area. Break above that area should be seen as a potential threat to the current bearish outlook.(USD/JPY 90.57) Bullish

Aud : Aud maintains the bullish bias. Buying at dips close to important supports remains the best strategy in the current market scenario.Only a continuous move below 0.8400 would break the trendline and stand bearish for the pair. (AUD/USD -0.8668) Bullish

Gold : Gold has maintained the bullish bias and is near our Medium term target of $1020 levels.Correction is again expected till $992.(Gold $1013).Bullish

Dollar Index : The Dollar Index (basket against 6 currencies with EUR accounting for 57% of the basket) needs to break the levels of 79.50 to maintain strength again otherwise rangebound. It could bottom close to 75.50 levels. (Dollar Index - 76.39).Neutral