USD/ZAR 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a prolonged two-month decline the U.S. Dollar commenced a recovery on Apr 10 that still persists. Because of this USD/ZAR was able to form a bullish channel with the resistance at 10.6516 and the support at 10.4952. Right now the currency pair is testing the lower boundary of the pattern at the latter level, therefore the near-term bias towards the price is bullish.
However, if, contrary to this scenario, the selling pressures gains the upper hand, we will be looking at the nearby weekly pivot points as the most likely targets. Meanwhile, the sentiment among the SWFX market participants is moderately bearish—60% of open positions are short.

© Dukascopy Bank SA
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Mon, 21 Apr 2014 07:25:03 GMT

USD/TRY 1H Chart: Channel Up

The present situation in USD/TRY is reminiscent of the one currently being observed in USD/ZAR, where the currency pair is also forming an upward-sloping channel starting from Apr 10.Considering that USD/TRY is currently trading near the lower rising trend-line, the U.S. Dollar is expected to appreciate versus the Turkish Lira in the short run. However, the technical indicators at the

Fri, 18 Apr 2014 11:24:09 GMT

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