USD/ZAR 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering the latest events the US Dollar is likely to weaken further against the South African Rand. USD/ZAR has recently topped out at 12.5834, and since then the pair has been trading between two falling parallel trend-lines. Right now the price is fluctuating at the upper line, meaning the risks are skewed to the down-side. The rate is expected to update the Jul 14 low and head towards the lower edge of the channel at 12.20. On the other hand, should resistance at 12.41 give in to the bulls, supply between 12.44 and 12.46 may well stop further appreciation of the Greenback. As for the sentiment, the traders are largely bears: at the moment 72% of positions are short.
© Dukascopy Bank SA
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