Indian Rupee trades strongly on the day. USD/INR faces rejection near the upper boundary of the descending trend channel and remains stuck within a multi-month-old descending trend channel around 82.60–83.15 since December 8, 2023.
In the near term, the bullish outlook of USD/INR remains intact as the pair holds above the key 100-day Exponential Moving Average (EMA) on the daily timeframe. The upward momentum is confirmed by the 14-day Relative Strength Index (RSI), which lies above the 50.0 midline, suggesting that further upside looks favorable.
The key upside barrier for the pair will emerge near the upper boundary of the descending trend channel at 83.15. A bullish breakout above this level could draw in USD/INR bulls and push the pair back to a high of January 2 at 83.35, followed by the 84.00 psychological level.
On the flip side, the first downside target is seen at the resistance-turned-support level at the 83.00 mark. Any follow-through selling below 83.00 could extend its downswing to a low of March 14 at 82.80. Further south, the next contention level is located at the lower limit of the descending trend channel at 82.60. A breach of this level might drag USD/INR to a low of August 23 at 82.45
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