Forex Technical Update

Daily Forex Technicals | Written by India Forex | Jun 26 09 07:04 GMT |

Rupee : The markets are currently holding slightly bearish bias . Breaking of 48.90 on the upside would confirmation of further weakness towards 49.50 and 49.95 . On the downside 48.00 levels is holding support. Despite late monsoons if the rupee maintains bullishness day after day and breaks 48.00 then we need to reconsider bearishness. (USD/INR : 48.55) Euro :Euro had broken the falling trend to the upside but again fell drastically yesterday after FOMC rate decision. The bias again stays neutral to downside. Break of 1.3800 or 1.4100 would determine the clear trend. (Eur/Usd:1.4040). Neutral Sterling :Cable made a kind of double top formation at 1.66 levels and still moving in quite a volatile fashion in last 14 days showing both sides movement. of 250-300 pips . Important support holds at 1.6200 levels breaking which we could see extreme bearishness. View needs to be reconsidered only if 1.6650 breaks.(Gbp/Usd: 1.6420). Very Range bound Yen :Dollar-Yen pair is trading sideways confined between the cluster support of 94 levels and resistance of 99.55. We should not initiate positions until this wide range breaks on either side. The bias is towards yen strength and dollar weakness due to increased risk aversion again. (USD/JPY : 95.83) Rangebound Australian Dollar :Aussie stays below trendline. Remain bearish overall below .8050. 2 closings above .8100 would negate the view.(Aud/Usd: 0.8045).Neutral Gold :Gold rose quite a bit after FOMC decision . The view stays neutral as of now. (Gold- $941.66). Neutral Dollar Index :Dollar index extends the rebound from 79.56 and is set to take on 80.94. We're anticipating a break of 80.94 resistance to signal resumption of rise from 78.33, to be confirmed by break of 81.36/47 resistance zone. Further rally should be seen to next key resistance at 82.62 (38.2% retracement of 89.62 to 78.93 at 82.64). in such case.. (DI- 80.45) Bullish India Forex http://www.indiaforex.in DISCLAIMER These views/ forecasts/ suggestions, though proferred with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice.Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. Those acting in the market on the basis of these are themselves responsible for any profits or losses that might occur, without recourse to us. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.