USD/INR Price News: Indian rupee touches multi-week highs above 73.80

• USD/INR moves higher on Monday for the third straight session.
• Price moves in the ascending channel, looking for additional gains.
• Momentum oscillator holds into the oversold zone warns of any aggressive bets.

USD/INR extends the previous session’s gains in the early European trading hours on Monday. The pair picks up the pace and composes a 20-pips movement.

At the time of writing, USD/INR is trading at 73.79, up 0.13% for the day.

USD/INR daily chart

On the daily chart, USD/INR trades in the ascending trend channel from the lows of 72.89 made at the beginning of September.

The formation of multiple tops near 73.83 makes it a crucial level to trade.

Having said that, a daily close above the mentioned level would make further progress toward the 74.00 horizontal resistance level.

The Moving Average Convergence Divergence (MACD) indicator holds onto the oversold zone. Any uptick in the MACD could push USD/INR to the high of August 27 at 74.20.

Next, USD/INR bears would likely touch the August 20 high at 74.47.

Alternatively, on the lower side, the bears would like to retest the 73.55 horizontal support level followed by Thursday’s low of 73.35.

The market participant would then keep an eye on the 73.00 horizontal support level.

USD/INR additional levels