USD/ZAR 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US dollar is likely to gain value after an unsuccessful testing of the lower boundary for two times. It looks like the pair intended to breach the line to decline even sharper; however, bulls at pattern's support were strong enough to push the American currency to the north. Since then the currency pair crossed three daily resistances, and short-term technical indicators expect the bullish move to continue. At the same time, there is a strong supply area around 11.1650, represented by 55-hour SMA, daily R3 and weekly pivot point. We assume that the pair has a high chance to stop rising at this resistance level. So do 60% of traders, who are holding short positions on the US dollar at the moment.
© Dukascopy Bank SA
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