USD/ZAR 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a rise to 11.4005, the highest level since at least 2009, USD/ZAR charged direction to the south and few days later the pair was trapped by two downward sloping lines that have been restricting the pair's swings for 68 hours.
At the moment, the currency couple is vacillating near a two-week low of 11.0308; however, if the pair overcomes a cluster of resistances at 11.0511/665 (four-hour R1, R2, R3; daily PP) it is likely to catch momentum and may even attempt to target the pattern's upper boundary at 11.0944. At the same time, technical indicators are mixed, being bearish in the medium-term and bullish in the long-term.
© Dukascopy Bank SA
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