USD/ZAR 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR managed to underperform to an unexpected extent as it broke the channel down pattern that it had been following for the last few days. The pair sketched a large-scale retracement and even re-entered the pattern while executing it, but still managed to distance itself from the broken bottom boundary. We will look for an extended dip due to two reasons – the broken channel and a step underneath August 2016 lows, which had been tested several times at 13.26 and therefore had been set as a solid support-turned-resistance level. The immediate target lies at 13.01 and will open the way for tests of 12.95 if violated.
© Dukascopy Bank SA
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