USD/ZAR 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being unable to gain a foothold above 11.74, USD/ZAR began trading between two parallel bearish lines. This implies that the US Dollar is going to keep underperforming as long as the resistance trend-line is not breached. The base case scenario is a bounce off 11.4650 and a subsequent close beneath 11.4330. The next significant demand area will then be at 11.35, followed by the February low at 11.2630.
At the same time, if 11.4650 fails to keep the bulls at bay, the first notable supply zone will be between 11.5460 and 11.5200, while the weekly pivot point merges with the long-term SMA at 11.6450/11.6180 .
© Dukascopy Bank SA
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