USD/ZAR 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The South African Rand has been appreciating against the US Dollar for quite some time already, namely since the second week of June. However, currently the Buck is making attempts to recover partly some losses occurred, while rebounding from the lower trend-line of the pattern. At the same time, the 100-hour simple moving average is unwilling to let the bulls increase the pair's value above the 12.20 area. Therefore, in case USD/ZAR fails to cross this important resistance, it will be forced to fall back towards the lower edge of the pattern, currently at 12.03. Meanwhile, SWFX traders are strongly bearish on the pair at the moment, with almost 75% of all trades being short on the Greenback.
© Dukascopy Bank SA
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