Published: 2025-06-25T10:41:10.000Z
Chart USD/ZAR Update: Cautious trade - studies under pressure
Senior Technical Strategist
-
Little change, as prices extend cautious trade around support at the 17.7150 Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.2500 | * | congestion | S1 | 17.7150 | ** | 76.4% ret of 2024-2025 rally | |
| R3 | 18.1000 | * | break level | S2 | 17.6150 | ** | 12 Dec (m) low | |
| R2 | 18.0000 | ** | congestion | S3 | 17.5000 | * | congestion | |
| R1 | 17.8500 | break level | S4 | 17.2500 | ** | 7 Nov (m) low |
Asterisk denotes strength of level
11:35 BST - Little change, as prices extend cautious trade around support at the 17.7150 Fibonacci retracement. Daily readings continue to track lower and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. A later break below the 17.6150 monthly low of 12 December will turn sentiment negative and extend losses from the 19.9250 current year high of 9 April, initially to congestion around 17.5000. Meanwhile, resistance remains at 17.8500. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath 18.0000 - 18.1000.