• The greenback bulls are eyeing a breakout of the falling channel on the upside for a fresh impulsive wave.
• The RSI (14) needs to overstep 60.00 decisively, which will strengthen the greenback.
• A holiday truncated week will keep investors on the sidelines.

The USD/INR pair is consolidating in a narrow range of 75.80-76.00 from Friday’s trading session. The pair opened on a flat note on Monday after the Reserve Bank of India (RBI)’s interest rate decision last week. The asset is likely to remain lackluster in a holiday-truncated week as the Indian markets will be on holiday on Thursday and Friday on account of Dr.Baba Saheb Ambedkar Jayanti and Good Friday respectively.

On a four-hour scale, the asset is auctioning in a falling channel formation whose upper end is placed from March 8 high at 77.61 while the lower boundary is marked from March 17 low at 75.76. A bull cross, represented by the 20- and 200-period Exponential Moving Averages (EMAs) at 75.87, is pointing more upside ahead.

Meanwhile, the Relative Strength Index (RSI) (14) is on the verge of stepping into a bullish range of 60.00-80.00, which will drive the asset higher going forward.

Should the asset overstep Friday’s high at 76.23, the greenback bulls may take control and will send the pair towards the March 23 high and the round level resistance at 76.60 and 77.00 respectively.

However, a slippage below Friday’s low at 75.71 will drag the asset towards the March 2 low at 75.48, followed by the psychological support at 75.00.

USD/INR four-hour chart