Technical analysis: USD/INR prospects remain positive in the longer term

The Indian Rupee trades weaker on the day. The bullish stance of USD/INR remains unchanged in the long term since the pair has risen above a nearly four-month-old descending trend channel since March 22. 

In the short term, USD/INR is above the key 100-day Exponential Moving Average (EMA) on the daily chart, with the 14-day Relative Strength Index (RSI) holding in bullish territory around 65.0. This suggests that support zones are more likely to hold than to break.

A break past a high of April 3 at 83.55 could pave the way to the next resistance level at an all-time high of 83.70 en route to the 84.00 psychological round mark. On the flip side, the first downside target will emerge near a high of March 21 at 83.20. The potential support level is located at the 83.00–83.50 zone (round mark, the 100-day EMA). A breach of this level could see a drop to a low of March 14 at 82.80