USD/ZAR 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR currency pair has successfully confirmed the triangle pattern, by making a break-out to the downside. The exchange rate is already trading around the weekly S1 at 12.3485. In case this level is violated, as suggested by the four-hour technical indicators, the next target level for bears will then become the weekly S2 at 12.21, followed by the previous month's low at 12.15. 
The negative scenario for US Dollar in its cross with South African Rand is also supported by a clear majority (72%) of SWFX market participants. At the same time, daily studies give hope that a rebound of the pair is still possible in the next 24 hours.

© Dukascopy Bank SA
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