USD/ZAR 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR has been in a strong up-trend for the past two weeks, and the currency pair seems to be in a good condition to extend the gains further after the current correction. The U.S. Dollar has just come off 10.8231 and is about to touch the lower boundary of the bullish channel at 10.6677. The price is expected to rebound from here, also considering that this level is reinforced by the daily S1 and 200-hour SMA. USD/ZAR should then surpass the Aug 6 high and re-test 10.8657, namely the Jun 18 high and the upper trend-line of the pattern. However, the SWFX sentiment is bearish—63% of open positions are short right now.
© Dukascopy Bank SA
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Thu, 07 Aug 2014 14:06:22 GMT

CHF/SGD 1H Chart: Channel Up

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