Chart USD/INR Update: Consolidating, room to extend gains
Consolidating test of the 96.5000 high but pressure remains on the upside as prices extend strong gains from the June low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 97.0900 | projection | S1 | 95.8500 | * | Jun high | ||
| R3 | 97.0000 | * | figure | S2 | 95.5000 | * | congestion | |
| R2 | 96.9600 | ** | 20 May all-time high | S3 | 94.9000 | ** | 23 Jun high | |
| R1 | 96.5000 | * | 20 May low | S4 | 94.1500 | ** | Jun low |
Asterisk denotes strength of level
05:20 GMT - Consolidating test of the 96.5000 high but pressure remains on the upside as prices extend strong gains from the June low. Break here will see potential for retest of the 96.9600 all-time high where reaction is expected as daily studies extend into overbought areas. Clearance here, if seen, will see room for extension of the 97.0000 figure and 97.0900 projection target. Meanwhile, support is raised to the 96.0000/95.8500 congestion and June high. Would take break here to ease the upside pressure and see room for deeper pullback to 95.5000 congestion and strong support at 94.9000.