Chart USD/INR Update: Poised for retest of 86.6225/86.6475 highs
Saw rebound from the 86.2925 low to return pressure to the upside and see prices poised for retest of the highs at 86.6225 and 86.6475
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 87.0000 | * | figure | S1 | 86.2925 | * | 21 Jan low | |
| R3 | 86.7500 | projection | S2 | 86.1950 | * | 13 Jan low | ||
| R2 | 86.6475 | ** | 14 Jan all-time high | S3 | 85.9700 | ** | 10 Jan high, gap | |
| R1 | 86.6225 | * | 17 Jan high | S4 | 85.8400 | * | 6 Jan high |
Asterisk denotes strength of level
05:30 GMT - Saw rebound from the 86.2925 low to return pressure to the upside and see prices poised for retest of the highs at 86.6225 and 86.6475. However, the daily and weekly studies remains deep in overbought areas and suggest consolidation below these likely. Break, if seen, will extend the underlying bull trend and see room for extension to the 86.7500 projection target. Meanwhile, support is raised to the 86.2925 low ahead of the 86.1950/85.9700 gap area. Would take break here to confirm a top in place at the 86.6475 high and see room for deeper pullback to retrace strong rally from the September low.