Chart USD/INR Update: Consolidating, scope to retest 85.8425 high
Higher in consolidation above 85.5000 congestion to set up scope for retest of the 85.8425, 9 May high
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 86.7100 | ** | Apr high | S1 | 85.5000 | * | congestion | |
| R3 | 86.4600 | ** | Feb low | S2 | 85.3100 | * | 16 May low | |
| R2 | 86.0000 | * | figure | S3 | 85.0000 | ** | congestion | |
| R1 | 85.8425 | ** | 9 May high | S4 | 84.6250 | ** | 13 May low |
Asterisk denotes strength of level
05:15 GMT - Higher in consolidation above 85.5000 congestion to set up scope for retest of the 85.8425, 9 May high. Daily studies are tracking higher and suggest potential for break here to further retrace the February/May losses and see extension to the 86.0000 figure. Gains beyond this, if seen, will see extension to the strong resistance zone at 86.4600/86.7100 area. Corrective gains are expected to give way to renewed selling pressure later. Meanwhile, support is raised to the 85.5000 congestion which extend to the 85.3100 low of Friday, which is expected to underpin and sustain gains from 83.7700, May YTD low.