USD/ZAR 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The greenback has been tilted upwards against the South African Rand since late June when a stab to a one-month low of 10.5300 spurred a rally that has been developing inside a 137-bar long bullish corridor.
Currently, the currency pair is sitting slightly above the 50-hour SMA at 10.7638 that is meandering not far away from the lower trend-line of the channel down pattern. If the short-term SMA fails to withstand a heavy selling pressure, the pair is likely to dive to the pattern's support and considering bearishness on the SWFX – over 85% of traders hold short positions – we may even witness a bearish breakout before long.
© Dukascopy Bank SA
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