USD/ZAR 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The USD/ZAR currency pair found a relatively strong support around 10.600 that pushed to pair higher. With this advance a bullish channel was formed.
For couple of weeks the pair has been challenging the upper boundary of the pattern. However, it has not been able to break above the trend-line for now. Nonetheless, a majority (67.15%) of the SWFX traders expect the pair to slide lower and possibly to break the pattern to the downside. In case the pair's bulls give up and the U.S. Dollar starts weakening towards the monthly R3 at 11.146 then the possibility of a bearish scenario increases.
© Dukascopy Bank SA
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