Currencies Outlook by PINC Research
USD/INR moved in line with our projected view. It may counter stiff resistance closer to $45.40 going forward. A move below 44.60 should lead to further downside till 44.20.
Euro/Dollar bounced from our projected downside target last week. It is currently trading very close to its resistance zone of 1.4350 - 1.4400. Its short term downtrend still remains intact and there is a fair chance for it to retest 1.4150 in the coming week.
Dollar/Yen moved contrary to our opinion last week. It may face fair resistance closer to 82.75 level. There is a good probability of Dollar/Yen moving down to 80.50 if the level of 82.75 is not breached.
DXY retraced after touching the high of 76.00 last week. It has risen sharply in the recent past. Consolidation can be expected in a narrow range over the near future. A downmove below 74.40 could lead to a change of trend in the short term.