Rupee : Rupee corrected to close to 48.00 levels and bounced back to 48.25 levels today. We expect rupee to hold weak in medium term targeting 49 plus levels again.It has major trend support at 48.00 levels which is likely to hold for the week. Importers are advised to cover around these levels. Exporters hold on to covers. Unless and until we see a weekly close below 48.00 levels the outlook remains bearish for rupee. Bearish (USD/INR : 48.14).

Euro : 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 (Refer Chart sent yesterday evening) 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. Look for short opportunities. (EUR/USD 1.4700) Neutral.

Sterling : Pound broke 1.64 levels despite euro holding on to 1.47 levels. The strategy for pound still remains rangebound and buy on dips close to 1.63-1.6350 is recommended. (GBP/USD 1.6380) . Neutral

Yen : Yen seems to have made a temporary bottom at 90 and the levels of 92 again is expected. The range of yen is going to be between 90-93 for sometime to come. Buy close to 90 and sell close to 93 levels. (USD/JPY 91.10) 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. We can consider shorts at 0.8750 targetting 200 pips with stop of 50 pips. (AUD/USD -0.8698) Bullish

Gold : Gold is unable to break the resistance of 1020 levels. (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 78.70 to maintain strength again otherwise rangebound. It could bottom close to 75.50 levels. (Dollar Index - 76.34).Neutral