Rupee : Rupee corrected to close to 48.00 levels and bounced back to 48.15 levels today. We expect rupee to hold weak in medium term targeting 49 plus levels again.It has major weekly trend support at 47.80-48.00 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 : 48.15).

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 Euro Charts sent earlier.) 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 : GBPUSD made indecisive movement yesterday, formed A Doji on daily chart. A look at the daily chart below we can see GBP topped at 1.7042 in August, the pair is now in significant downside correction (consolidation) phase testing 1.6113 - 1.6000 support area. From this point of view, unless the pair drop below 1.6000 area, it's to early for a bearish reversal scenario. The bias is neutral in nearest term and I think we are in no trading zone now. Immediate resistance at 1.6263. Break above that area could trigger further upside pressure testing 1.6350 area.(GBP/USD 1.6230) . 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 91.60) 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. Our shorts at 0.8750 earned us 150 points. (AUD/USD -0.8698) Bullish

Gold : Gold has corrected yesterday till $995 levels as expected and rebounded strongly from this level. Buying at dips towards $992- $995 levels is again recommended .(GOLD - $1006.10)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 - 76.57).Neutral