Rupee : We maintain the bias to be bearish in medium term . 48.50-60 would act as supports levels which would again pull rupee bears in the market.We would favour going longs around these levels (importers cover). Only and Only if we get support from dollar strength and bearish momentum in stocks , commodities and dollar index we could see rupee at 50 levels soon otherwise rangebound between 48.50 and 49.20. Bearish (USD/INR : 48.51)

The EURUSD made a breakout move above 1.4450. Break of 1.4350 again on the downside is important to make the outlook bearish to consolidative again. Longs should be avoided around these levels. Eurozone Exporters should look at covering their exposures around these levels for medium term.(EUR/USD 1.4494) Neutral

Sterling : Pound broke above its weekly trendline at around 1.65 levels yesterday. It needs to stay above 1.65 to maintain bullish bias otherwise the outlook would still remain consolidative. Shorts to be favoured if cable maintains below 1.6500 levels.(GBP/USD 1.6520) . Bearish

Yen : Yen is still in the weekly triangle consolidation pattern between 92 to 96 levels. Buy at dips close to 92-93 and sell at 96-97 levels remains the strategy. Medium term target is 90.(USD/JPY 92.35) Rangebound

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 0.8200 would break the trendline and stand bearish for the pair. (AUD/USD -0.8595) Bullish

Gold : Gold maintains bullish bias. Only a break of $1007 levels would look for the next target of 1023 dollars. Buying on dips close to 965 - 987 dollars remains the strategy. (GOLD $1000.70)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. (Dollar Index - 77.22).Neutral