EUR/USD:
The immediate term momentum is strong into the lower end of set short term range of 1.2150-1.2650 while "shorts squeeze" would limit gains at 1.2325-1.2375. However, continue to believe 1.2150-1.2050 as strong base for smart rally into 1.35 by end October. Strategic players who chased the recent run from 1.2050 to 1.2450 can look to buy again at this support window of 1.2150-1.2050 for near term objective at 1.2650
USD/JPY:
USD/JPY is finding it tough to take out strog resistance window at 78.75-79.25. While this zone stays firm, risk is of test/break of strong support at 77.90/77.65 for 76.00/75.50 where BOJ is expected to step in. Strategic players can look to stay short for this move with stop above 79.25. Thereafter, would look to buy at 76.25-75.75 for 80.
USD/INR:
The short term outlook is bullish for rupee for consolidation mode around 54.50. The concern is in the near term where rupee looks fragile driven by weak fundamental factors. Domestic cues are very weak with risk of rating downgrade. The support to rupee will be from external factors that could keep the investors in "risk-on" mode providing support to domestic equity market. There is no concern on FII flows into equity market. The worry is from higher commodity prices that would open up the pressure on Current Account Deficit. The near term range will be at 55.00-56.00 with extension limited to 54.75-56.25. Strategic players can look to buy at 55.00-54.75 and sell at 56.00-56.25
EUR/JPY:
Euro crosses is under pressure now. We expected formation of strong near term resistance at 97.50-98.00 for retest of recent low above 94.00. Over all, will look for formation of strong short term base above 94 for rally into 100.
Moses Harding
The immediate term momentum is strong into the lower end of set short term range of 1.2150-1.2650 while "shorts squeeze" would limit gains at 1.2325-1.2375. However, continue to believe 1.2150-1.2050 as strong base for smart rally into 1.35 by end October. Strategic players who chased the recent run from 1.2050 to 1.2450 can look to buy again at this support window of 1.2150-1.2050 for near term objective at 1.2650
USD/JPY:
USD/JPY is finding it tough to take out strog resistance window at 78.75-79.25. While this zone stays firm, risk is of test/break of strong support at 77.90/77.65 for 76.00/75.50 where BOJ is expected to step in. Strategic players can look to stay short for this move with stop above 79.25. Thereafter, would look to buy at 76.25-75.75 for 80.
USD/INR:
The short term outlook is bullish for rupee for consolidation mode around 54.50. The concern is in the near term where rupee looks fragile driven by weak fundamental factors. Domestic cues are very weak with risk of rating downgrade. The support to rupee will be from external factors that could keep the investors in "risk-on" mode providing support to domestic equity market. There is no concern on FII flows into equity market. The worry is from higher commodity prices that would open up the pressure on Current Account Deficit. The near term range will be at 55.00-56.00 with extension limited to 54.75-56.25. Strategic players can look to buy at 55.00-54.75 and sell at 56.00-56.25
EUR/JPY:
Euro crosses is under pressure now. We expected formation of strong near term resistance at 97.50-98.00 for retest of recent low above 94.00. Over all, will look for formation of strong short term base above 94 for rally into 100.
Moses Harding
ReplyDeleteGreat updates!
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