Chart USD/ZAR Update: Approaching strong resistance at the 17.2750 Fibonacci retracement
Choppy trade has given way to anticipated gains
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 17.9000 | minor congestion | S1 | 17.0000 | * | congestion | ||
| R3 | 17.7800 | ** | 50% ret of 2025-2026 fall | S2 | 16.8000 | congestion | ||
| R2 | 17.5000 | ** | break level | S3 | 16.6000 | break level | ||
| R1 | 17.2750 | ** | 38.2% ret of 2025-2026 fall | S4 | 16.5000 | break level |
Asterisk denotes strength of level
11:50 GMT - Choppy trade has given way to anticipated gains, with focus turning to strong resistance at the 17.2750 Fibonacci retracement. The daily Tension Indicator is flat, suggesting potential for further consolidation beneath here. But a tick higher in daily stochastics and positive weekly charts highlight room for further strength in the coming sessions. A close above here will improve sentiment and extend late-January gains towards resistance at the 17.5000 break level. Meanwhile, support is raised to congestion around 17.0000. A close back beneath here, if seen, will help to stabilise price action and prompt consolidation above further congestion around 16.8000.