USD/ZAR 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Daily technical studies are expecting another up-leg for the US Dollar. Indeed, in a short period of time the USD/ZAR currency pair will encounter a dense support cluster, which consists of daily and weekly S1 lines and the lower boundary of the pattern at 16.28/23. The pair is quite oversold in the SWFX market, as more than 71% of all open positions are placed short on the Greenback. It proclaims that a new bullish inflow is more likely, which will provide the pair with confident positive impetus. The base scenario assumes that USD will bounce off the trend-line to hover in the direction of 16.55 (upper edge). However, in case it dips below the green line, then the first bearish goal will become the major 16.00 level.
© Dukascopy Bank SA
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