USD/ZAR 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a dip to a six-month low of 10.2727, the U.S. Dollar started to appreciate against the South African Rand; however, about two weeks later, USD/ZAR suddenly halted its winning streak and entered a sharp downward-sloping tunnel.
Market players on the SWFX expect the pair to continue its decline in the hours to come – more than 66% of them hold bearish view. This coupled with heavy selling pressure prevailing after the pair has recently touched the pattern's resistance suggest that a drop is likely to be in place in the foreseeable future.
© Dukascopy Bank SA
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