USD/ZAR 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
According to technical indicators on all major relevant time frames, the US Dollar is going to continue outperforming the South African Rand. It proclaims that there is an uplifted likelihood that the currency pair will breach the upper trend-line of the pattern. Moreover, 72% of the SWFX market positions are short on USD and it will support this currency even more in the upcoming future. The pattern will be confirmed to the upside, if USD/ZAR soars beyond the weekly R2 at 15.7612. By doing that, the focus will turn to the last weekly resistance line, which rests as high as 16.3388. In case the bears push the pair downwards and form a new leg down, the initial major target will be the M R1 at 15.3349.
© Dukascopy Bank SA
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