Forex Currency Outlook and Tips for Today

Rally in USD/INR towards 53.42/43 is a good selling level with a stop of 53.60 for a target of 52.90.

Dip in EUR/USD towards 1.2911 is a good buying level with a stop of 1.2871 for a target of 1.2981.

Dip in GBP/USD towards 1.5428 is a good buying level with a stop of 1.5396 for a target of 1.5691.

Rally in USD/JPY towards 77.99/78.04 is a good selling level with a stop of 78.26 for a target of 77.55.

Currency Tips for Today

The Dollar has strongh strength against Indian Rupee. Dollar is currently moving in sideways. The USDINR is now trading in oversold level. The oscillators are showing sell signal for short term.

Support for USDINR is 52.45-51.14-50.19-48.94
Resistance for USDINR is 54

Traders are advised to buy only above 53.903 with a strict stop loss at 53.404 Below 53.404 go for sell with a stop loss at 53.808.

Currency Trend Updates

The US dollar is expected to attract some buying on declines against the INR. Utilize the lows in the USD/INR January contract to buy above 53.41 with target of 53.59/53.65 and a stop loss of 53.32.

Indian rupee is poised for a weak start mirroring weakness in Asian equities and its regional peers like Korean won (declined for the third day) and Singapore dollar and after US main average Index closed slightly lower yesterday.

Indian Currency Tips Updates

Indian rupee extended its weakness for the second consecutive day against the US dollar on Friday tracking weakness in domestic shares coupled with persistent dollar demand for defence related payment held.
Today, Indian rupee is expected to open moderately stronger against the US dollar vs 52.96/97, as due to an improved risk appetite and positive opening for Indian stocks. But gains in the INR is expected to be limited due to continuing uncertainties over the eurozone`s debt problems, especially after 10-year Italian bond yield once again topped above 7%.