Chart USD/INR Update: Extending gains, but stretched
Pressure stays firmly on the upside as prices extend sharp rally to reach fresh all-time high at 84.3775
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 84.7800 | projection | S1 | 84.2550 | * | 7 Nov low | ||
| R3 | 84.5000 | figure | S2 | 84.2000 | * | figure | ||
| R2 | 84.4000 | figure | S3 | 84.1600 | * | 6 Nov low | ||
| R1 | 84.3775 | * | intraday high | S4 | 84.0850 | ** | 28 Oct high |
Asterisk denotes strength of level
05:40 GMT - Pressure stays firmly on the upside as prices extend sharp rally to reach fresh all-time high at 84.3775. Nearby see room for extension to target the 84.4000 figure. Higher still, if seen, will see potential to the 84.5000 figure but deep overbought daily studies caution corrective pullback. Meanwhile, support is raised to the 84.2550 higher low. Would take break here to ease the upside pressure and see room for pullback to the 84.2000 figure then the 84.1600, mid-week low. This area now underpin and see break here needed to fade the upside pressure and see room for deeper losses to the strong support at the 84.0850/83.9850, October/September highs.