Published: 2025-01-23T05:13:02.000Z
Chart USD/INR Update: Extend choppy trade below 86.6475 high
Technical Analyst
1
Extending choppy trade below the 86.6475 all-time high as prices consolidate strong gains from the September low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 87.0000 | * | figure | S1 | 86.2925 | * | 21 Jan low | |
| R3 | 86.7500 | projection | S2 | 86.1950 | * | 13 Jan low | ||
| R2 | 86.6475 | ** | 14 Jan all-time high | S3 | 85.9700 | ** | 10 Jan high, gap | |
| R1 | 86.6225 | * | 17 Jan high | S4 | 85.8400 | * | 6 Jan high |
Asterisk denotes strength of level
05:10 GMT - Extending choppy trade below the 86.6475 all-time high as prices consolidate strong gains from the September low. The resulting flag pattern keeps focus on the upside and see scope for break to extend the underlying bull trend. However, the daily and weekly studies remains deep in overbought areas and suggest ranging action to unwind the overbought readings. Support starts at the 86.2925 low then the 86.1950/85.9700 gap area. Would take break of the latter to confirm a top in place at the 86.6475 high and see room for deeper pullback to retrace strong rally from the September low.