USD/ZAR 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a massive February-April sell-off, USD/ZAR managed to bottom out at 10.2731 and change the direction of the market to a bullish one. As a result, the currency pair formed an upward-sloping channel. The pattern implies the U.S. Dollar will be underpinned by the lower trend-line while travelling towards the upper trend-line at 10.9380. However, USD/ZAR will have to breach a tough resistance represented by the daily R1 and Jun 4 high at 10.8043. On the other hand, if 10.66 does not initiate a rally, as suggested by the near-term indicators, the pair may find support at 10.6218 instead, where the yesterday's low is strengthened by the 200-hour SMA and daily S1.
© Dukascopy Bank SA
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