USD/ZAR 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A channel down pattern formed by USD/ZAR on October 3 has lasted for 108 hours and may continue to add selling pressure on the pair. Currently, USD/ZAR is vacillating below its daily pivot point sitting at 9.9357, with 200-and 50-hour SMAs meandering above the pair. Market participants believe the pair is likely to retreat in the foreseeable future, placing orders to sell the pair in 94.74% of cases. The pair may drop below four-hour support region at 9.9012/8864 that would bring a one-month low back to the fore. A fall below this low would suggest an on-going weakness that may send the pair to the pattern's support, a dive beneath which is likely to expedite a sharp decline.
© Dukascopy Bank SA
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