Published: 2025-05-08T05:44:54.000Z
Chart USD/INR Update: Still room to extend corrective bounce
Technical Analyst
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Corrective bounce stalled at the 84.9025 high as prices consolidate strong bounce from the 83.7700 low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 85.6625 | ** | 24 Apr high | S1 | 84.5000 | * | congestion | |
| R3 | 85.5000 | * | congestion | S2 | 84.0000 | * | figure | |
| R2 | 85.0000 | ** | congestion | S3 | 83.7700 | ** | 2 May YTD low | |
| R1 | 84.9025 | * | 7 May high | S4 | 83.6650 | * | Jun high |
Asterisk denotes strength of level
05:45 GMT - Corrective bounce stalled at the 84.9025 high as prices consolidate strong bounce from the 83.7700 low. Positive daily studies suggest scope for further gains and higher will see room to the 85.0000 figure. Clearance here will open up room to the strong resistance at the 85.5000/85.6625 resistance. Corrective gains are expected to give way to renewed selling pressure later with support raised to the 84.5000 congestion. Break here is needed to return focus to the downside for retest of the 84.0000 figure and 83.7700 low.