USD/ZAR 1H Chart: Channel Up
- The American Dollar is strengthening against the South African Rand in a short-term ascending channel .
- The pattern started to form two days ago after a sharp appreciation of the Greenback by 1.8%.
- Since there were no fundamental events that day, the surge most probably was attributed to combined support level set up by the 55-, 100- and 200-hour SMAs as well as the weekly PP at 12.9962.
- At the moment, the currency exchange rate is approaching the channel’s bottom boundary that is backed up by the weekly R2 at 13.2383 and the monthly PP at 13.2254.
- The pair is expected to make a rebound and resume the surge with the ultimate goal to reach the weekly R3 located at the 13.3730.