The US Dollar has been depreciating against the South African Rand since the beginning of January. This movement has been bounded within the medium-term descending channel.
Currently, the USD/ZAR exchange rate is testing the upper channel line. Note that the rate is supported by the 55-, 100- and 200-hour moving averages. Thus, it is likely that some upside potential could prevail in the market. In this case the rate could face the resistance level - the Fibo 23.60% at 14.67.


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