Chart USD/INR Update: Higher in consolidation, scope for retest of 85.8425 high
Higher in consolidation and lift above 85.5000 congestion sets up scope for retest of the 85.8425, 9 May high
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 86.7100 | ** | Apr high | S1 | 85.5000 | * | congestion | |
| R3 | 86.4600 | ** | Feb low | S2 | 85.3100 | * | 16 May low | |
| R2 | 86.0000 | * | figure | S3 | 85.0000 | ** | congestion | |
| R1 | 85.8425 | ** | 9 May high | S4 | 84.6250 | ** | 13 May low |
Asterisk denotes strength of level
05:25 GMT - Higher in consolidation and lift above 85.5000 congestion sets up scope for retest of the 85.8425, 9 May high. Positive daily studies suggest break here likely to further retrace the February/May losses and see extension to the 86.0000 figure. Gains beyond this, if seen, will see room for continuation to the strong resistance zone at 86.4600 and 86.7100 area. Corrective gains are expected to give way to renewed selling pressure later. Meanwhile, support is raised to the 85.5000 congestion and this extend to the 85.3100 low of Friday which is expected to underpin and limit corrective pullback.