Published: 2024-12-18T05:36:49.000Z
Chart USD/INR Update: Extending gains
Technical Analyst
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Pressure remains on the upside with prices extending to fresh record high at 84.9325
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 85.2500 | * | projection | S1 | 84.8800 | * | 12 Dec high | |
| R3 | 85.1000 | * | figure | S2 | 84.7575 | * | 3 Dec high | |
| R2 | 85.0000 | ** | figure | S3 | 84.5700 | * | 6 Dec low | |
| R1 | 84.9325 | * | intraday high | S4 | 84.5075 | ** | 22 Nov high, gap |
Asterisk denotes strength of level
05:30 GMT - Pressure remains on the upside with prices extending to fresh record high at 84.9325. Bullish structure keeps focus on the upside and higher will see room to target the 85.0000 psychological level where reaction can be expected as the daily and weekly studies push deep into overbought areas. Meanwhile, support is raised to the 84.8800 high of last week and this extend to the 84.7575, the 3rd December high. This area should underpin and sustain the bull trend. Would take break of the latter to open up deeper corrective pullback to retrace the strong gains from the 83.4400, September low.