Chart USD/INR Update: Break to fresh high above 90.0000
Break of the 89.4900 November high at the start of the week see resumption of the underlying bull trend with gains reaching the 90.0000 figure
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 91.5500 | * | projection | S1 | 89.7000 | 2 Dec low | ||
| R3 | 91.0000 | * | figure | S2 | 89.4900 | ** | Nov high | |
| R2 | 90.7500 | * | projection | S3 | 89.0000 | * | figure | |
| R1 | 90.1500 | * | projection | S4 | 88.8000 | ** | Sep high |
Asterisk denotes strength of level
05:00 GMT - Break of the 89.4900 November high at the start of the week see resumption of the underlying bull trend with gains reaching the 90.0000 figure. Bullish momentum see bulls firmly in control and higher will see room for extension to 90.1500 and 90.7500 projection target. However, deep overbought daily and weekly studies caution corrective pullback. Meanwhile, support is raised to the 89.7000 level and this extend to the 89.4900, November high. This area should now underpin and only break of these will ease the upside pressure and see room for deeper pullback to 89.0000 level.