Technical Analysis: Indian Rupee continues its rangebound movement between 82.60 and 83.15 in the longer term

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

From a technical perspective, USD/INR keeps the bearish vibe in the near term as the pair holds below the key 100-day Exponential Moving Average (EMA) on the daily chart. However, the 14-day Relative Strength Index (RSI) returns above the 50.0 midlines, indicating that further upside cannot be ruled out for the time being. 

The first upside barrier for the pair will emerge near 83.00, portraying the confluence of the 100-day EMA and a psychological round figure. Any follow-through buying will pave the way to the upper boundary of the descending trend channel near 83.15. A bullish breakout of this level could signal that buyers are taking over and could allow USD/INR to reach the next upside target near a high of January 2 at 83.35, followed by the 84.00 round mark. 

On the other hand, a low of March 14 at 82.80 acts as an initial support level for the pair. The critical support is located at the lower limit of the descending trend channel at 82.60. A break below 82.60 could drag the pair lower to a low of August 23 at 82.45, and finally a low of June 1 at 82.25