Technical Analysis: Indian Rupee continues to trade in a longer trading range of 82.60–83.15

Indian Rupee trades weaker on the day. USD/INR remains confined within a multi-month-old descending trend channel around 82.60–83.15 since December 8, 2023. 

Technically, USD/INR maintains the bearish outlook unchanged in the near term as the pair is below the 100-day Exponential Moving Average (EMA) on the daily chart. It’s worth noting that the 14-day Relative Strength Index (RSI) lies below the 50.0 midlines, suggesting the path of least resistance is to the downside. 

Any follow-through buying above the confluence of the 100-day EMA and a psychological round mark of 83.00 might convince the bulls to charge again, possibly taking the pair to the upper boundary of the descending trend channel near 83.15. A break above this level will pave the way to the next upside target near a high of January 2 at 83.35, en route to the 84.00 round figure.

On the downside, the key support level for USD/INR is seen near the lower limit of the descending trend channel at 82.60. A breach of the mentioned level will see a drop to a low of August 23 at 82.45, followed by a low of June 1 at 82.25.