Published: 2025-05-07T05:04:56.000Z
Chart USD/INR Update: Extend corrective bounce
Technical Analyst
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Extending gains from the 83.7700 low as prices consolidate sharp losses last week
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 85.6625 | * | 24 Apr high | S1 | 84.0000 | * | figure | |
| R3 | 85.4900 | * | 24 Mar low | S2 | 83.7700 | ** | 2 May YTD low | |
| R2 | 85.0000 | ** | figure, congestion | S3 | 83.6650 | * | Jun high | |
| R1 | 84.7575 | * | 3 Dec high | S4 | 83.5750 | * | Apr high |
Asterisk denotes strength of level
05:00 GMT - Extending gains from the 83.7700 low as prices consolidate sharp losses last week and unwind the oversold daily and weekly studies. Above the 84.5000/84.5800 congestion and Friday's high at 84.5800 opens up room for stronger gains to resistance at the 84.7575/85.0000 congestion area. Corrective gains are expected to give way to renewed selling pressure later and close below the 84.0000 figure will see room to retest the 83.7700 low, Below this will further extend losses from the February all-time high at 87.9500 to support at 83.6650 and 83.5750, June/April 2024 highs.