USD/ZAR 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair has been depreciating since the start of the month (since the peak at the pattern's start). Dues to the pair's rather volatile nature the pattern has just slightly above the average quality rating, but high magnitude (of moves) rating. It is worth pointing out that Fibonacci retracements of the move prior to the pattern's start (the 26th of July till the 2nd of August) could be incorporated in to the analysis, but in our opinion this effect has already warn off. Short term technicals point at further appreciation of the pair in the short term, but indicate that the pair will rebound from the pattern's resistance.

© Dukascopy Bank SA
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