The Indian Rupee trades on a softer note on the day. The USD/INR pair has been making higher highs and higher lows since the start of June while holding above the key 100-day Exponential Moving Average (EMA) and descending trend channel upper boundary on the daily timeframe. This indicates that the path of least resistance is to the upside. The 14-day Relative Strength Index (RSI) remains in the bullish zone around 55.50, supporting the buyers for the time being.
If the pair continues to see bullish demand, the first upside barrier will emerge at 83.60, a high of June 11. Then, USD/INR may extend its upswing to 83.72, a high of April 17. Further north, the additional upside filter to watch is the 84.00 round mark.
The crucial support level for the pair is seen in the 83.30–83.35 zone, portraying the confluence of the 100-day EMA and descending trend channel upper boundary. A break below this level could see a drop to the 83.00 psychological level, followed by 82.78, a low of January 15.
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