USD/ZAR 4H Chart: Channel Up

The American Dollar is trading against the South African Rand simultaneously in short-term and medium-term ascending channels. The junior channel represents a rebound of the currency exchange rate from a bottom trend-line of the senior channel as well as the 100-period SMA. During the second half of Tuesday the pair was making a number of attempts to break the upper boundary of the dominant formation. However, it did not even manage to bypass the weekly R1 at 13.2370. Due to the strength of this resistance level, the junior pattern most likely will not sustain for long and the currency rate will slide to the weekly PP at 13.0215. Meanwhile, even if the pair manages to make the way upwards, it will have to face another combined resistance level set up by the monthly R1 at 13.3202 and the weekly R2 at 13.3599.