USD/ZAR 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR is well-positioned for a few-day rally. The pair has been forming a bullish channel for the past two weeks, and now it is right at the lower bound of the pattern, meaning there is a high probability of a rebound from 15.20 and through the two-day falling resistance line at 15.27. The target is a cluster of resistances between 15.73 and 15.70, formed by the weekly R2 together with the upper bound of the emerging channel and the five-month down-trend. Considering the importance of this supply area, however, after testing it the US Dollar is likely to leave the pattern. Meanwhile, the sentiment in the SWFX towards USD/ZAR is neutral—46% of positions are long and 54% are short.
© Dukascopy Bank SA
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