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USD/ZAR remains trapped in a consolidation range with an argument underway as to whether we are seeing the formation of a bullish ‘triangle’ or a bearish ‘head & shoulders’ top, per Credit Suisse.

Key quotes

“We see the immediate risk lower for a test of the lower end of the range at 18.05/18.01, but we look for this to then ideally hold to suggest the bull ‘triangle’ is the more likely scenario, for strength back above 19.00.”

“Below 17.8512 though would instead see a ‘head & shoulders’ top.”