USD/ZAR 1W Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR has been in a strong up-trend since the beginning of 2011, when the currency pair established a solid support in the vicinity of 6.50. And the US Dollar retains the potential to appreciate further against the Rand. The near-term is bullish as well, considering that at the moment the price is fluctuating just above the rising support line at 11.18, and there are more ‘buy' signals than there are ‘sell' signals on the weekly and monthly time-frames. USD/ZAR is expected to pierce through the nearby resistances, most notably the one at 11.8250, and reach the upper boundary of the channel, assumingly near the level of 13.00.
© Dukascopy Bank SA
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