USD/ZAR 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bullish momentum USD/ZAR received on Tuesday turned out to be insufficient to overcome the resistance at 10.8650. Eventually, the bears took control of the market and forced the currency pair into a downward-sloping channel, which implies further depreciation of the U.S. Dollar. The same negative outlook is suggested by the hourly and four-hour technical indicators, as they are mostly giving ‘sell' signals. On the daily chart, however, the pair appears to be bullish. Nevertheless, the rate is likely to extend the latest sell-off from the current levels down to 10.55, where we may expect an upward correction before another bearish wave.
© Dukascopy Bank SA
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