USD/ZAR: stabilization planned
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The South African rand has been following a downward trajectory since its peak in early April. The spike at the beginning of June did not change this trend. It aims at the channel within 15.82 – 16.46: this is the likely zone to where the USD/ZAR will drop to pick up its pre-virus trajectory. Given the fact that the latter trajectory has been strategically bullish, we are likely to see a dip into the mentioned channel, but after that, the USD’s mild appreciation against ZAR will take place again. For this reason, go bearish in the short-term, then moderately bullish in the mid-term.
