USD/ZAR 1H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR's rally from 8.91 was stopped by a tough resistance area at 10.3447, but a sell-off that ensued was in turn limited by a formidable support line at 9.8418. Since then (450 hours ago) these two levels have been keeping the currency pair within a horizontal corridor, i.e. in a rectangle. This implies that eventually the U.S. Dollar should recommence its advancement, meaning that the support will likely remain intact, while the resistance will not be able to contain the price for long, also being that technical indicators on 4H and daily charts are bullish.

© Dukascopy Bank SA
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