Chart USD/INR Update: Extending corrective bounce from 86.4600 low
Break above the 86.9150 high see prices extending bounce from the 86.4600 low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 87.9500 | ** | 10 Feb all-time high | S1 | 86.6525 | * | 14 Jan high | |
| R3 | 87.5825 | * | 6 Feb high | S2 | 86.4600 | ** | 12 Feb low | |
| R2 | 87.2800 | * | 3 Feb high | S3 | 86.3125 | * | 15 Jan low | |
| R1 | 87.0000 | ** | 4 Feb low | S4 | 86.1650 | ** | 24 Jan low |
Asterisk denotes strength of level
05:25 GMT - Break above the 86.9150 high see prices extending bounce from the 86.4600 low to retrace sharp drop from the 87.9500 all-time high. Nearby see resistance at the 87.0000 figure and break here will open up room for stronger bounce to resistance at the 87.2800 and 87.5825 highs. Gains are seen corrective and expected to give way to renewed selling pressure later. Meanwhile, support is raised to the 86.6525 high of 14 January. Break here will return focus to the downside for retest of the 86.4600 low. Below here will open up room for deeper pullback to retrace sharp gains from the September low to the 86.3125 support then the 86.1650, 24 January low.