USD/ZAR 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR has been in a down-trend for more than 150 hours already, gradually descending from a high of 10.1699. During this period the currency pair has been consistently respecting two parallel trend-lines that now form the boundaries of the bearish channel with the resistance at 9.9535 (strengthened by the 200-hour SMA) and the support at 9.8453.
However, the technical indicators on the four-hour and daily time-frames suggest that the currency pair is about to bottom out and subsequently break free from the figure to the upside.
© Dukascopy Bank SA
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