USD/ZAR 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is in a descending channel down pattern against the South African Rand, as the currency exchange rate bounced off the pattern's upper trend line at 13.5348. Since then the currency rate moved lower to 13.2678, which is in accordance with the pattern. On its way down to the pattern's lower trend line at 12.9300, which is supported by the second weekly support level of 12.9037, the pair might find support at two levels. First the rate will encounter the first weekly support at 13.1958, and afterwards it might rebound at the second monthly support at 13.1095. However, aggregate technical indicators forecast a downward movement of the pair only in the next four hours, as the daily forecast predict no changes in the pair by the end of today's trading session.
© Dukascopy Bank SA
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