USD/ZAR 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The U.S. Dollar has been in the downtrend since late January when USD/ZAR touched a five-year high of 11.3931. The bearish trend was distinguished by the continuity of large declines and small gains until mid-March. After that, the decline became more distinct and the pair entered a channel down pattern.
Now the currency couple is sitting at the tunnel's upper limit at 10.5136; however, the breakout is unlikely since about 70% of players at the SWFX bet on depreciation of the pair. Technical indicators also suggest that the instrument may retreat in the medium-term.
© Dukascopy Bank SA
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