Insignia Consultants
New Delhi
Tuesday, January 29, 2019
TIME: 9:07 am IST
DAILY FOREX REPORT FOR EXPORTERS AND IMPORTERS
(inter-bank prices below)
Venezuela developments, Brexit new plan, Huawei telecom issues
and its aftermaths will be closely watched by the currency markets from a long
term perspective. FOMC on Wednesday night will cause volatility only if there
is some surprises. Key technical resistances in euro and pound need to be
broken for another wave of rise. Yen can trade sideways.
Chinese consumer demand will also be closely watched as China
celebrates its New Year next week. Traders will be looking for clues on impact
on Chinese demand due to US induced trade war.
India
Traders will prefer to be on the
sidelines till Monday. Global risk and Indian interim budget surprises will be
closely watched.
US dollar-Indian Rupee (usd/inr CMP 71.1950):
One Support: 71.1350One Resistance: 71.3750
o
Usd/inr
can rise to 71.3950 and 71.5250 as long as it trades over 71.0950.
o
Small
sell off will be there below 71.1350.
o
Better to remain on the sidelines till tomorrow.
Euro/Indian Rupee (Euro/inr
CMP 81.3800): One Support: 81.1750
One Resistance: 81.5250
o
200
day moving average at 81.4450 is the key resistance.
o
A
break of 81.4450 will result in 81.6700 and 81.9800.
o
Bearish
trend (till tomorrow) will be there only below 80.8950.
UK Pound/Indian Rupee
(Gbp/inr CMP 93.6050): One Support: 93.4950
One Resistance: 93.9250
o
Gbp/inr
needs to trade over 93.4950 to rise to 94.7550 and 93.9250.
o
Small
sell off will be there below 93.4950 today.
o
Look
for signs of correction.
Japanese Yen/Indian Rupee
(Jpy/inr CMP 65.1900): One Support: 65.0550
One Resistance: 65.3300
o
A
break of 65.3300 will result in 65.5600 and 65.7200.
o
Small
sell off will be there below 64.9650.
Euro/US dollar (euro/usd CMP
1.1429): One Support: 1.1379
One Resistance: 1.1451
o
1.1451
is the key resistance.
o
Euro/usd
needs to trade over 1.1451 to rise to 1.1572.
o
Small
sell off will be there below 1.1398.
o
Crash
will be there if 1.1550 is not broken by 5th February.
UK Pound/US dollar (gbp/usd
CMP 1.3147): One Support: 1.3088
One Resistance: 1.3188
o
Cable
needs to trade over 1.3100 till Friday to rise to 1.3300 and 1.3375.
o
I
expect a correction first and then the rise. Corrections upto 1.3030 will be a
part of the bullish trend reversal.
o
Small
sell off will be there below 1.3123 today.
US dollar/Japanese Yen
(usd/jpy CMP 109.22): One Support: 108.88
One Resistance: 109.62
o
Small
sell off will be there below 108.88.
o
Crash
will be there below 108.60 or in case yen does not break 110.30 by 5th
February.
US dollar/Indonesia Rupiah
(usd/idr CMP 14092.50): One Support: 14058.50
One Resistance: 14156.50
o
Quick
rise will be there if rupiah trades over 14110 to 14156 and 14189.
o
Small
sell off will be there below 14058.50.
o
There
can be very sharp two way moves till Monday.
Disclaimer: Any
opinions as to the commentary, market information, and future direction of
prices of specific currencies, crypto currency, metals and commodities reflect
the views of the individual analyst, In no event shall Insignia Consultants or
its employees have any liability for any losses incurred in connection with any
decision made, action or inaction taken by any party in reliance upon the
information provided in this material; or in any delays, inaccuracies, errors
in, or omissions of Information. Nothing in
this article is, or should be construed as, investment advice. Prepared by
Chintan Karnani
NOTES
TO THE ABOVE REPORT
PLEASE NOTE: HOLDS
MEANS HOLDS ON DAILY CLOSING BASIS
ALL PRICES ARE IN
INDIAN RUPEE UNLESS OTHERWISE SPECIFIED
Indian Standard Time
(IST): +5:30 GMT
Current Market Price
(CMP)
All foreign exchange
prices are for inter-bank rates.
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