Technical Analysis: Indian Rupee remains within the longer-term range between 82.70 and 83.20

Indian Rupee edges lower on the day. USD/INR remains contained within a multi-month-old descending trend channel of 82.70–83.20 since December 8, 2023. 

USD/INR maintains a bearish outlook in the near term as the pair is still below the 100-day Exponential Moving Average on the daily timeframe. Additionally, the downward momentum is supported by the 14-day Relative Strength Index (RSI), which holds in the negative zone below the 50.0 midline. 

The lower limit of the descending trend channel at 82.70 will be the first downside target for the pair. A decisive break below this level could expose a low of August 23 at 82.45, followed by a low of June 1 at 82.25.

On the other hand, the confluence of a psychological round mark and the 100-day EMA at 83.00 will be the potential resistance level for USD/INR. The additional upside filter to watch is the upper boundary of the descending trend channel at 83.20. A break above the mentioned level would have an opportunity to fire up their bullish momentum. USD/INR could get enough fuel to hit a high of January 2 at 83.35, and finally at 84.00