USD/ZAR 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the current moment the US Dollar is expected to bounce off the lower boundary of the channel up pattern, which should lead to an increase in value of this currency against the South African Rand by more than 4% over this week. By adding this percentage value, USD/ZAR will manage to reach the upper boundary of the channel at just below 16.20. To support the bullish view, three fourths of SWFX positions are bearish and this proclaims that the Greenback is oversold. On top of that, daily technical indicators are suggesting to buy the Buck. A drop below the 15.50 marker is not on the table, given that the 15.50/55 zone is reinforced by the upward-sloping 200-hour SMA.
© Dukascopy Bank SA
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