USD/ZAR 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The South African Rand has been depreciating against the American Dollar this week. We have already seen the USD/ZAR currency pair surging from 13.00 up to 13.42 since Monday. In case the consolidation above the upper trend-line takes place in the nearest future, the rally is likely to be extended up to 13.57 soon, namely the Oct 13 high. The next target will be placed at 13.73, a mark where the current bearish pattern finds its beginning point.
In the meantime, SWFX market sentiment is  bearish at the moment as almost 72% of all open positions are short. Additionally to that, daily technical indicators are pointing downwards.

© Dukascopy Bank SA
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