USD/ZAR 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR has recently breached the 200-hour SMA, an event that marked the start of the channel down formation. The pattern is already 100 bars long, during which  the boundaries of the corridor were tested on several occasions. 
Considering this set-up, the outlook on the currency pair is negative, even though technical indicators are only slightly bearish. SWFX marketplace participants, however, are strongly convinced that the U.S. Dollar is going to weaken, being that an overwhelming majority (70%) of open positions are short at the moment.

© Dukascopy Bank SA

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