Indian Rupee trades weaker on the day. USD/INR remains confined within a multi-month-old descending trend channel of 82.70–83.20 since December 8, 2023.
In the near term, the negative outlook of USD/INR remains intact as the pair is below the key 100-day Exponential Moving Average (EMA) on the daily timeframe. Additionally, the 14-day Relative Strength Index (RSI) lies in bearish territory below the 50.0 midline, indicating that a further decline looks favorable.
In the case of a bearish environment, the lower limit of the descending trend channel at 82.70 acts as an initial support level for USD/INR. A breach of this level could put a move to a low of August 23 at 82.45 on the table, followed by a low of June 1 at 82.25.
On the upside, the crucial resistance level for the pair is seen at the confluence of a psychological round mark and the 100-day EMA at 83.00. A break above the mentioned level could attract bullish momentum that may take the pair to the upper boundary of the descending trend channel at 83.20, en route to a high of January 2 at 83.35, and finally at 84.00
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