USD/ZAR 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After trading at elevated levels during more than two months ended March 20, the U.S. Dollar started to lose ground against the South African Rand. From the fundamental view, we may note that heavy selling pressure stemming from on-going strikes at platinum mines in South Africa seems to have abated thus allowing the South African Rand to recover some losses.
USD/ZAR has been shaping the channel down pattern since mid-March and now the pair is trading not far away from a three-month low of 10.5025. In the foreseeable future, the currency couple is likely to prolong its losing streak as more than two-thirds of market players are bearish on the pair.
© Dukascopy Bank SA
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