USD/ZAR consolidates at 17.00 support – Société Générale
Source Fxstreet
USD/ZAR is consolidating between 17.00 and 17.48 after testing the 2024 low, with traders eyeing a breakout to confirm a short-term move, Société Générale's FX analysts note.
Downtrend pauses amid range-bound trading
"USD/ZAR has evolved within a steady downtrend after giving up the 200-DMA in May. It has recently reached the graphical support of 17.00 representing the low of 2024. The decline has stalled after this test and the pair is consolidating within a range defined by limits of 17.00 and 17.48."
"A breakout from this base would be crucial for confirming a short-term up move. If the pair fails to defend 17.00, the decline could extend towards the lower limit of a multi-month channel near 16.85 and 16.70/16.65."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
US Dollar's Decline Predicted in 2026: Morgan Stanley's Outlook on Currency VolatilityMorgan Stanley forecasts a 5% drop in the dollar by mid-2026, attributed to continued Fed rate cuts. A recovery may follow as growth improves and funding currency dynamics shift favorably toward the euro and Swiss franc.
Morgan Stanley forecasts a 5% drop in the dollar by mid-2026, attributed to continued Fed rate cuts. A recovery may follow as growth improves and funding currency dynamics shift favorably toward the euro and Swiss franc.
MediaTek Inc. is heading for its strongest weekly performance in over two decades, fueled by growing investor optimism around the Taiwanese chipmaker's collaboration with Google on artificial intelligence technology.
JPMorgan sets a bullish outlook for 2026, forecasting a multi-year recovery in semiconductor equipment and selective growth in device makers, highlighting ASML, Adyen, and Nokia as top investment picks.
Silver surged to a new high on Monday, extending a record-breaking rally as traders bet on persistent supply tightness and rising expectations for U.S. interest-rate cuts. Gold held steady.
U.S. Dollar Weakened by Dismal Manufacturing Data; Rate Cut Expected This MonthThe U.S. dollar remains under pressure as disappointing manufacturing data heightens expectations for a rate cut by the Federal Reserve at its upcoming meeting on December 10. Manufacturing PMI fell to 48.2, marking the ninth consecutive month of contraction.
The U.S. dollar remains under pressure as disappointing manufacturing data heightens expectations for a rate cut by the Federal Reserve at its upcoming meeting on December 10. Manufacturing PMI fell to 48.2, marking the ninth consecutive month of contraction.
Related Instrument
