USD/ZAR 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The outlook on USD/ZAR is strongly bullish, as the currency pair has recently pushed through a major resistance level at 12.1847. However, the boundaries of the channel are not yet reliable, as there are only a few confirmations of the lower trend-line. Still, the base case scenario is appreciation of the US Dollar up to the March high at 12.53, and in the meantime demand should not let the price fall beneath 12.08 rands, where there recent lows merge with the 200-hour SMA. Another significant support will is only at 11.90. Nevertheless, an overwhelming majority (74%) of the SWFX market participants prefers to be short the Greenback.
© Dukascopy Bank SA
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