USD/ZAR 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In the short run the US Dollar is likely to be bullish, since at the moment USD/ZAR is fluctuating just above the lower boundary of the channel. However, the overall outlook on the hourly chart is bearish, and the rebound should be stopped by a cluster of resistances at 12.34, where the daily R2 merges with the 200-hour SMA and down-trend resistance line. At the same time, if demand between 12.14 and 12.10 is insufficient to drive to price higher, the Greenback will open a path to 11.7350, namely to the May minimum. As for the attitude of the traders towards the pair, they are mostly bearish, considering that merely 28% of open positions are long.
© Dukascopy Bank SA
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