USD/ZAR 1D Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although USD/ZAR has been in an up-trend since the second part of 2011, it started to trade in a more orderly manner only last year in June, when the exchange rate peaked at 8.7140. Subsequently, already throughout more than 400 days , the currency pair has been consistently respecting two rising trend-lines. The upper line currently creates strong resistance at 10.8544. The lower one, however, appears to be even tougher at the moment, considering that it is reinforced by the monthly S1 and the 200-day SMA, thereby increasing the chance that the U.S. Dollar will remain bullish in the long-term, despite the persisting sell-off after a recent test of the monthly R2 at 10.4181.
© Dukascopy Bank SA
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