Ella 
USD/INR remained range-bound around 83.20-83.25 during the Asian session on Tuesday, still near the more than one-month high hit the previous day. Meanwhile, technicals still appear to be tilting towards the bullish side and suggest there is minimal upside resistance for USD/INR.
The bullish bias is reinforced by the fact that USD/INR is holding above the key 100-day and 200-day simple moving averages (SMA). Additionally, technical indicators on the daily chart are also gaining positive momentum and are still far from overbought territory. This thus validates the constructive outlook and supports a continuation of the upward trajectory seen over the last week or so.
Therefore, the all-time high of around 83.45 hit in August is likely to be challenged again. Some follow-through buying will act as a new trigger for the bulls and take USD/INR past the 84.00 round figure. However, bulls may avoid making aggressive bets and instead choose to wait and see ahead of a crucial Federal Reserve monetary policy decision scheduled for Wednesday.
On the other hand, any clear consolidation or decline in USD/INR may find appropriate support near the 83.00 level, and may fall to last week’s shock low near 82.80, then to the 100-day moving average near 82.45, and then to the 100-day moving average near 82.45. The 200-day moving average is around 82.30. A clear break below the aforementioned support levels in USD/INR could trigger some technical selling, leaving USD/INR vulnerable to accelerating losses towards the 82.00 round figure.
USD/INR is likely to sink further towards the July monthly swing lows, around the 81.70-81.65 region. If USD/INR fails to hold this area, it would suggest USD/INR has peaked in the short term and open room for further declines. USD/INR is likely to sink further below the 81.35 intermediate support and eventually fall below the 81.00 level.
