USD/ZAR 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR cross decided to restart its bullish trend on Monday, even though some signs of a recovery were observed already on Friday. The lower trend-line of the pattern is  therefore quite highly unlikely to be approached in the near-term, as this scenario may take place at the end of the current working week. One-hour and four-hour technical indicators are pointing upwards at the moment, meaning that we should see the US Dollar higher soon. The main obstacle is represented by the weekly R1 at 12.82, which follows the pattern's resistance around 12.79. There the selling pressure may push the pair back into the downtrend, as assumed by mixed daily studies and SWFX market participants (71% are short).

© Dukascopy Bank SA
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