Published: 2024-12-12T04:50:52.000Z
Chart USD/INR Update: Still extending gains
Technical Analyst
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Pressure remains on the upside and further gains has reach fresh record high at 84.8800 level
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 85.2500 | * | projection | S1 | 84.7575 | * | 3 Dec high | |
| R3 | 85.1000 | * | figure | S2 | 84.5850 | * | 2 Dec low | |
| R2 | 85.0000 | ** | figure | S3 | 84.5075 | ** | 22 Nov high, gap | |
| R1 | 84.8850 | * | projection | S4 | 84.4000 | * | congestion |
Asterisk denotes strength of level
04:50 GMT - Pressure remains on the upside and further gains has reach fresh record high at 84.8800 level. Bullish structure keeps focus on the upside and higher will see scope to further extend the underlying bull trend and see room to the 85.0000 psychological level. Would expected reaction at the latter as the daily and weekly studies push deep into overbought areas. Meanwhile, support is raised to the 84.7575, the 3rd December high which now underpin and sustain the bull trend. Below this will open up deeper corrective pullback to retrace the strong gains from the September low.