USD/ZAR 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After successfully venturing to rally to almost a one-month high reached on the last day of September, the U.S. Dollar started to depreciate against the Turkish Lira, entering a channel down pattern on October 2. Since then, the pair was faltering between two downward sloping lines and now is trading somewhere in the middle between the pattern's boundaries.
Market participants are strongly bullish on the currency couple, with 80% of all orders being placed to buy the pair. At the same time, technical indicators are mixed, predicting an appreciation in short– and long-term and being neutral in the medium-term.
© Dukascopy Bank SA
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