22 Dec 2014
INR steady in Christmas week – Insignia
FXStreet (Barcelona) - Chintan Karnani, Commodity and Currency Analyst at Insignia Consultants, anticipates that weakness in INR to stay as it trades steady in the Christmas week.
Key Quotes
“It is a Christmas week. The overall weakness on the rupee (against the major currencies) will be there. There is nothing much on the global front with yen and crude oil prices being the key mover for currency markets for the next two weeks.”
“USD/INR December 2014 (expiry on 29th December): Initial support is at 63.0500 with 62.8200 as key weekly support. As long as Usd/inr trades over 63.05 it can still rise to 63.77-64.16.”
“EURO/INR December 2014 (expiry on 29th December): Initial support is at 77.48. The next wave of selling will be only below 77.48 to 77.21 and 76.5275. Remain on the sidelines as weekly resistances are quite high at 78.7775 and 79.1250.”
“GBP/INR December 2014 (expiry on 29th December): It can rise to 99.5675 and 100.7350 as long as it trades over 98.7350. There will be sellers only below 98.7350.“
“JPY/INR December 2014 (expiry on 29th December): Yen/inr needs to trade over 52.92 today to rise to 53.37 and 53.87. There will sellers only if it trades below 52.92 in UK session. We are against selling jpy/inr at this point of time and we will prefer to use any sharp one percent fall (if any) to go long with trailing stop losses.”
Key Quotes
“It is a Christmas week. The overall weakness on the rupee (against the major currencies) will be there. There is nothing much on the global front with yen and crude oil prices being the key mover for currency markets for the next two weeks.”
“USD/INR December 2014 (expiry on 29th December): Initial support is at 63.0500 with 62.8200 as key weekly support. As long as Usd/inr trades over 63.05 it can still rise to 63.77-64.16.”
“EURO/INR December 2014 (expiry on 29th December): Initial support is at 77.48. The next wave of selling will be only below 77.48 to 77.21 and 76.5275. Remain on the sidelines as weekly resistances are quite high at 78.7775 and 79.1250.”
“GBP/INR December 2014 (expiry on 29th December): It can rise to 99.5675 and 100.7350 as long as it trades over 98.7350. There will be sellers only below 98.7350.“
“JPY/INR December 2014 (expiry on 29th December): Yen/inr needs to trade over 52.92 today to rise to 53.37 and 53.87. There will sellers only if it trades below 52.92 in UK session. We are against selling jpy/inr at this point of time and we will prefer to use any sharp one percent fall (if any) to go long with trailing stop losses.”