USD/ZAR 1D Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
For the past 500 trading days USD/ZAR has been forming a channel up pattern and is therefore set to continue to advance further in the long term.
However, considering that the currency pair is currently approaching the upper boundary of the upward-sloping corridor at 11.1329, which is reinforced by the weekly R2 and the monthly R3, the near-term risks are heavily skewed to the downside, even though daily and monthly technical indicators are presently bullish. Therefore, we are likely to see a decline down to 10.1328, where the up-trend support line merges with the monthly S1 and the 200-day SMA, thereby making it highly resilient.

© Dukascopy Bank SA
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