Chart USD/INR Update: Extend sharp corrective gains
Sharply higher through the 85.0000 level and break above the 85.5000/85.6625 resistance see scope to target 85.8600
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 86.7100 | ** | Apr high | S1 | 85.5000 | * | congestion | |
| R3 | 86.4600 | ** | Feb low | S2 | 85.0000 | ** | figure | |
| R2 | 86.0000 | * | figure | S3 | 84.5000 | * | congestion | |
| R1 | 85.8600 | * | 50% Feb/May fall | S4 | 84.0000 | * | figure, congestion |
Asterisk denotes strength of level
05:10 GMT - Sharply higher through the 85.0000 level and break above the 85.5000/85.6625 resistance see scope to target 85.8600, 50% Fibonacci level. Positive daily and weekly studies suggest scope for further gains and higher will see room to the 86.0000 figure. Clearance here will see room for extension to strong resistance at 86.4600, February low. Corrective gains are expected to give way to renewed selling pressure later with support raised to the 85.5000 congestion. Below this will see room for retest of 85.0000 and where break is needed to return focus to the downside for retest of the 84.0000 figure and 83.7700 low.