USD/ZAR 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Right now, being well-supported by the monthly S1 at 11.8380, USD/ZAR is moving in the direction of a strong resistance area near 12.1150, represented by the 200-hour SMA and, even more importantly, by the down-trend. Accordingly, there the current rally is expected to make a U-turn and start targeting the lower boundary of the bearish channel.
Meanwhile, the technical indicators are largely mixed, with a weak bullish bias on the hourly time-frame. At the same time, the sentiment among the SWFX market participants is neutral, since 47% of open positions are long and the remaining 53% of them are short.
© Dukascopy Bank SA
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