Forex Report: 7th July 2020

By: Admin
4 weeks ago
39939

Insignia Consultants

New Delhi

Tuesday, 07 July 2020

10:53am IST

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Daily Forex Report

I am changing the format of daily forex report. The earlier format was cumbersome and took a lot of time to get the key points. Hopefully this will solve the error.

There is demand and short covering as rupee pares some of its last week’s gains.

FOREX REPORT

06-07-2020

10:53

SPOT/INTERBANK

CMP

SUPPORT

RESISTANCE

SHORT TECHNICAL VIEW

USD/INR

? 74.7500

? 74.3550

? 74.8050

Usd/inr needs to trade over 74.6250 to rise to 75.0875. There will be demand if usd/inr rises today.

EURO/INR

? 84.5750

? 84.4225

? 84.6250

Euro/inr can rise to 84.8525 as lonfg as it trades over 84.4225.

GBP/INR

? 93.5050

? 93.1300

? 93.4975

Gbp/inr can rise to 93.8400 as lonfg as it trades over 93.2725.

JPY/INR

? 69.5850

? 69.1925

? 69.8475

Jpy/inr needs to trade over 69.3975 to rise to 69.8475. Sellers will be there below 69.3975.

 

  1. US DOLLAR-INDIAN RUPEE (USD/INR): Strategy for exporters: Cover tomorrow’s receivables on any 20-25 paisa rise and also use trailing stop loss below 74.6225. Strategy for importers: Take a chance and use trailing stop loss over 74.9225.
  2. EURO-INDIAN RUPEE (EURO/INR):  Strategy for exporters: Since the trend is bullish wait for tomorrow with  a stop loss of below 84.3650. Strategy for importers: For today and tomorrow’s payables cover on any 25-30 paisa fall.
  3. UK POUND – INDIAN RUPEE (GBP/INR) Strategy for exporters: Cover any 30-35 paisa rise. Strategy for importers: Use a stop loss over 93.7225.
  4. JAPANESE YEN-INDIAN RUPEE (JPY/INR):  Strategy for exporters: Cover receivables sharp rise to 69.7025 and more.   Strategy for importers: Use trailing stop loss over 69.7225.

Trend can change day in day and day out. Global investors are investing in India aggressively are long term valuations are very cheap. Availability of finance at historically low interest rates (in USA and Europe) will increase stake rise and acquisitions activities by hedge funds and global corporates. Rupee is not out of the woods yet. Any reduction in Foreign inflows and rise in global energy price can result in rupee weakening once again. Just remember that foreign inflows from Indian living overseas and Indian working overseas will be a decade low this year.

THE ABOVE REPORT IS NOT FOR TRADING PURPOSE

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, 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. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading. Websitewww.insigniaconsultants.in. Prepared by Chintan Karnani

Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.

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NOTES TO THE ABOVE REPORT

ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED

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