The DXY could head towards 96.75-98 while Euro can dip to 1.18-1.17 while below 1.1875. EURINR could continue to dip towards support near 107-106.50 while below 108. EURJPY and USDJPY look bullish for a slow rise to 184/186 and 155/156 respectively while above respective supports at 181/180 and 152/151. USDCNY can rise to 6.92/95 while above 6.90, with crucial support still at 6.85. The Aussie can test 0.70/69 while below 0.7150 while the Pound needs to break past 1.37 to head toward 1.38+ levels, else can trade within the 1.37-1.35 region. Any break below 1.35 could make it vulnerable to decline further. USDINR could continue to remain sideways within 90.40-90.75 region for now with a possible breakout on the upside towards 91.

Dollar Index (97.201) seems to be stuck within a narrow range above 96.75 above which there is scope for a rise to 97.75-98.00 in the near term.

EURUSD (1.1844) is likely to dip to 1.18-1.17 while below 1.1875.

EURINR (107.3654) has support at 107 and lower at 106.5 which could hold and produce a bounce back towards 108 and higher in the longer run.

EURJPY (181.78) has scope to rise while above support at 180. Only a break below 180, if seen will make the pair vulnerable to decline towards 175-170 in the medium term.

Dollar-Yen (153.46) has immediate support at 152 and lower near 151 above which a bounce back towards 155/156 could be possible in the near term.

USDCNY (6.9075) has been stable just above 6.90. While above support at 6.85, overall view is bullish for a rise to 6.92/95.

Aussie (0.7074) has dipped and while below 0.71, view is bearish towards 0.69.

Pound (1.3555) tested 1.3639 but declined to close lower. A test of 1.35 is likely before bouncing back from there. Any decline below 1.35 could make it vulnerable to fall towards 1.34-1.3350.

USDINR (90.6775) tested 90.7825 but closed within the 90.75-90.40 range. A decisive break above 90.75 is needed for an initial rise to 91 and later towards 91.25/91.50.

The US Treasury yields remain lower and stable. They can dip further from here and then can possibly rise back. The German Yields have dipped slightly. They are moving down in line with our expectation and can fall more from here. The 10Yr GoI remains stable. There is not much room on the downside. The yield can rise back in the coming days.

The US 10Yr (4.05%) and 30Yr (4.68%) Treasury yields remain lower and stable. They can test 4%-3.95% (10Yr) and 4.6%-4.55% (30Yr) and then possibly rise back again.

The German 10Yr (2.74%) and 30Yr (3.40%) yields have dipped slightly. The view of seeing 2.7%-2.65% (10Yr) and 3.35% (30Yr) on the downside remains intact.

The 10Yr GoI (6.6689%) continues to remain stable. 6.64% and 6.6% can limit the downside. The yield is likely to trade in the 6.6%-6.8% range and can rise within it going forward.

Dow is holding above support and can bounce towards 49800–50000 while the level sustains. DAX has recovered from 24731 but faces resistance near 25200, below which a fall towards 24600–24500 remains possible. Nifty is approaching resistance at 25,800, and unless it breaks higher towards 26,000–26,200, a dip to 25,500–25,200 can be seen. Nikkei has tested 56190 and may decline further towards 56,150–56,000. Shanghai remains closed for the Lunar New Year and will resume trading on 24-Feb-26.

Dow (49573, +0.08%) is hovering above its immediate support and, while it holds, a bounce towards 49800–50000 remains likely.

DAX (25071, +0.05%) fell to a low of 24731 in line with our expectations but has since bounced back to close at 25058 yesterday. Immediate resistance is seen near 25200, and while this level holds, a decline towards 24600–24500 remains possible.

Nifty (25,725.40, +0.17%) is moving higher and can test the resistance near 25,800, which may cap the upside in the near term. A sustained break above this level is needed to push it towards 26,000–26,200; otherwise, it may dip back to 25,500–25,200.

Nikkei (57220.00, -2.32%) tested a low of 56190 yesterday in line with our expectations. A further decline towards 56,150–56,000 can be seen in the near term.

Shanghai (4082.07, -1.26%) is closed for a week-long holiday for the Lunar New Year (Spring Festival). Normal trading sessions will resume from 24-Feb-26.

Brent and WTI are likely to remain range-bound within $ 70–$ 66 and $ 66–$ 62 respectively for now. Gold has declined as expected and may extend its fall towards $ 4850–$ 4800. Silver also looks weak with scope to test $ 70–$ 65. Copper has tested $ 5.62 and needs to hold above $ 5.65 for a bounce towards $ 5.7–$ 5.8, else it can slip towards $ 5.6–$ 5.5. Natural Gas is holding above support and may recover towards $ 3.2–$ 3.4 in the near term.

Brent ($ 67.42) and WTI ($ 62.19) can continue to trade within the ranges of $ 70–$ 66 and $ 66–$ 62 respectively for some time.

Gold ($ 4906.60) has declined in line with our expectations and may fall further towards $ 4850–$ 4800 in the near term.

Silver ($ 73.26) has declined and can extend its fall towards our earlier mentioned levels of $ 70–$ 65.

Copper ($ 5.6785) has moved lower as expected and tested a low of $ 5.62 yesterday. If the immediate support near $ 5.65 holds, a bounce towards $ 5.7–$ 5.8 can be seen. Otherwise, it may decline further towards $ 5.6–$ 5.5.

Natural Gas ($ 3.03) is hovering above its immediate support and can bounce back towards $ 3.2–$ 3.4 in the near term.

GMT 7:00 IST 12:30 UK CPI Y/Y
…Expectations 3.0 …Previous 3.3

GMT 13:30 IST 19:00 US Housing Starts
…Expectations 1330 …Previous 1246

GMT 13:30 IST 19:00 US Durable Goods Orders
…Expectations -1.8 …Previous 5.3

GMT 14:15 IST 19:45 US Industrial Production
0.1 …Expectations 0.4 …Previous 0.3

GMT 14:15 IST 19:45 US Capacity Utilization
76.3 …Expectations 76.4 …Previous 76.3

GMT 21:00 IST 02:30 US TICS (Net foreign purch of long-term Sec)
…Expectations 125.8 …Previous 220.2

DATA YESTERDAY
================
GMT 7:00 IST 12:30 UK Unemp
5.2 …Expectations 5.1 …Previous 5.1 …Actual 5.2