Forex (weekly) report: Rupee, Euro, Pound and Yen

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20251

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Forex Spot Weekly report 25th January 2021 to 29th January 2021
12:46 IST   SUPPORT RESISTANCE VIEW & TRADING CALL
  Current price S1 S2 R1 R2  
USD/INR 72.9100 72.3425 72.7575 73.0850 73.3175 Rupee/Usdinr has to trade over 72.7575 to rise to 73.3175. There will be a technical breakdown if rupee trades below 72.7575. In case rupee trades below 72.7575 on 28th January and 29th January then chances of 72.3425 and 72.0150 will be very high in the short term.
EURO/USD 1.2176 1.2100 1.2136 1.2236 1.2304 (i) Trend is bullish as long as euro/usd trades over 1.2113 with 1.2304 and 1.2443 as short term target. (ii) Eurozone fundamentals are bearish. You need to be careful if you are long in euro/usd. (iii) Euro/usd will crash if it does not break 1.2304 by next week or it trades below 1.2113.
GBP/USD 1.3714 1.3555 1.3632 1.3773 1.3913 (i)Pound will be very volatile. (ii) Cable has to trade over 1.3638 in the short term to rise to 1.3773 and 1.3913. (iii) It will crash only if it falls below 1.3638.
USD/JPY 103.69 102.97 103.68 103.93 104.65 There will be a technical breakout is yen breaks and trades over 103.80 to 104.49 and 104.80.  Yen needs to trade over 103.28 for a few days to fall to 102.11.
             
WEEKLY COMMENTARY
Trend after Federal Reserve meeting is the key for US dollar Index. Union budget expectation or pre budget moves can be there in rupee against the major currencies.  Prices moves suggest traders are on the sidelines. Momentum for cable is bullish. Japanese government bond yields will dictate yen moves.
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