USD/INR Price Analysis: Choppy inside rising triangle

• USD/INR remains largely unchanged inside a bearish technical formation.
• 21-day SMA validates further downside below the triangle’s support.
• 77.00 is on the bulls’ radar above the triangle’s resistance.

USD/INR clings to gains above 76.00, currently around 76.30, during the early Monday’s trading session.

In doing so, the pair remains inside a short-term rising triangle while staying close to the pattern’s resistance, at 76.45 now.

While an upside break of 76.45 enables the bulls to extend the run-up towards 77.00, 21-day SMA level of 75.65 will validate the pair’s declines after it breaks the triangle’s support line, near 75.80 now

It’s worth mentioning that the RSI is near to overbought conditions and hence further upside of the pair becomes doubtful whereas fresh selling pressure could witness additional strength from the momentum indicator.

USD/INR daily chart

Trend: Pullback expected