USD/ZAR 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The South African Rand has been declining against U.S. Dollar since first days of September. As a result, the pair formed a bullish channel on a hourly chart. Despite crossing the upper boundary of the pattern for several times, the U.S. currency managed to consolidate inside boundaries of the channel up. Right now the pair is trading around daily pivot point at 10.9967, and in case it is breached, we can expect the strong upward movement to take place. Technical studies support the idea of pair's increase in the long-term, while in a short run sentiment is mixed. SWFX traders, in turn, tend to believe in the opposite strategy, as more than 70% of all opened positions are short at the moment.
© Dukascopy Bank SA
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