Contrary to our view Dollar/Rupee slipped and kept making lower lows last week. Coming week could see it drift lower but possibly at a much slower pace. Supports to watch is 44.60 and resistance at 45.50.

Euro/Dollar

The EUR/USD maintained a bullish bias and breach of 1.3860 last week further added to its technical strength. The coming week could see it attempt higher levels closer to 1.4200 levels.

Dollar/Yen

We had recommended a wait and watch policy last week as long as the support zone of 81.00-81.30 is not breached.It successfully held this level and attempted a sharp recovery towards the later half of the week to sustain above 82.25 level which was an important short term resistance. The trend is likely to stay in a band for some more time.

Dollar Index - DXY

DXY exhibited weakness last week which was in line with our view. The trend remains weak for now. A drift to 76 seems likely.