Published: 2024-10-18T05:17:15.000Z
Chart USD/INR Update: Extending gains
Technical Analyst
1
Bounce from the 84.0000/83.9850 support see pressure returning to the upside to reach fresh all-time high at 84.0775
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 84.4900 | projection | S1 | 83.9850 | * | Sep high | ||
R3 | 84.2660 | projection | S2 | 83.9000 | * | congestion | ||
R2 | 84.1000 | * | figure | S3 | 83.8000 | * | congestion | |
R1 | 84.0775 | ** | intraday high | S4 | 83.7550 | ** | 20 Aug low |
Asterisk denotes strength of level
05:10 GMT - Bounce from the 84.0000/83.9850 support see pressure returning to the upside to reach fresh all-time high at 84.0775. Bullish run-up from the 83.4400 low of September keeps pressure on the upside and higher will see room to target the 84.1000 level. Further out will see scope for extensiojn to 84.2660 projection target. However, overbought daily studies caution corrective pullback. Would take break of the 83.9850 support to open up deeper pullback to the 83.9000 congestion. Lower still will see room to the strong support at the 83.8000/83.7550 area.