Rupee : Rupee reached our exact target of 49.20 levels and corrected lower. We see some very short term correction till 48.50-60 levels which would again pull rupee bears in the market.We would favour going longs around these levels (importers cover). We maintain bearishness in rupee in medium term. 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 48.60 and 49.20. Bearish (USD/INR : 48.65)

Euro : The EURUSD didn't make significant movement yesterday, with only 60 pips movement. On h4 chart below we can see that the bearish channel has been violated to the upside indicating potential bullish outlook but the lack of trade volume usually leads to false breakout so we have to be very careful here and do not rush jump into the market. The bias remains neutral in nearest term. I think range trading strategy to buy around 1.4180 or to sell around 1.4405/46 is still the best strategy in the current situation. (EUR/USD 1.4332) Neutral

Sterling : Pound is holding below its weekly trendline resistance at 1.6450. Look at selling at upticks. Our sell close to 1.6440 fetched 120 pips yesterday. Immediate sell target is 1.6400-20 levels and buy targets close to 1.62 levels. Staying below 1.6200 would target 1.58. (GBP/USD 1.6365) . 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 92.78) 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 -0.8560) Broke out of range hence bullish.

Gold : Gold broke out of recent broad trading range of $ 935 to $966 and close above trendline resistance of $966. We find the rally impressive and the momentum looks strong in gold. It is likely to test a new high above 1000. (GOLD : 997.79)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 - 77.92).Neutral