Published: 2024-12-11T05:17:12.000Z
Chart USD/INR Update: Still room to extend gains
Technical Analyst
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Consolidating gains to 84.8600 fresh record high with bullish structure keeping pressure on the upside
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 85.1000 | * | figure | S1 | 84.7575 | * | 3 Dec high | |
| R3 | 85.0000 | ** | figure | S2 | 84.5850 | * | 2 Dec low | |
| R2 | 84.8850 | projection | S3 | 84.5075 | ** | 22 Nov high, gap | ||
| R1 | 84.8600 | ** | 10 Dec YTD high | S4 | 84.4000 | * | congestion |
Asterisk denotes strength of level
05:15 GMT - Consolidating gains to 84.8600 fresh record high with bullish structure keeping pressure on the upside. Higher will see scope to further extend the underlying bull trend and see room to the 84.8850 projection target. Beyond this will see potential to the 85.0000 psychological level where reaction can be expected to unwind the deep overbought daily and weekly studies. 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 room for corrective pullback to retrace the strong gains from the September low.