The Rand has spent the past few trading sessions along the senior channel line. In addition, it is trading near the upper line of the aforementioned range which is likewise the pair’s highest level since mid-2015. These two factors suggest that the pair might soon breach the senior channel and initiate a course towards the 8.90 mark.
The nearest support is provided by the weekly PP and the 200-hour near 9.07. This area could hinder the Rand for some time, thus resulting in a slight period of consolidation.