Published: 2024-12-10T05:54:30.000Z
Chart USD/INR Update: Extending gains to fresh record high
Technical Analyst
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Sharply higher through the 84.7575 high to reach fresh record high at 84.8500 level
| 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 | 84.8500 | * | intraday high | S4 | 84.4000 | * | congestion |
Asterisk denotes strength of level
05:50 GMT - Sharply higher through the 84.7575 high to reach fresh record high at 84.8500 level. Bullish structure highlights scope to further extend the underlying bull trend and higher will see room to the 84.8850 projection target. Beyond this will see scope 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, 3rd December high which is expected to underpin and sustain the bull trend. Below this will open up room for corrective pullback to retrace the strong gains from the September low.