USD/ZAR 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While being well-supported by the 200-hour SMA, USD/ZAR continues to move forward. Just recently the currency pair has bounced off the up-trend support line at 10.7960, and it is currently approaching the upper boundary of the channel at 11.1499, beyond which the U.S. Dollar is likely to advance only after a bearish correction, though the resistance represented by the daily R1 at 11.0721 for now is keeping the bulls at bay.
Meanwhile, even though an overwhelming majority of technical indicators are giving ‘buy' signals, the SWFX market is bearish towards USD/ZAR—70% of positions are currently short.

© Dukascopy Bank SA
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