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USD/ZAR made a high at 17.7863 in August and has so far slipped to 15.2103. The pair still hovers above the 2018-2020 support line at 15.1216 around which it is to stabilise, economists at Commerzbank apprise.

Key quotes

“USD/ZAR is likely to continue its decline towards the 2018-2020 support line at 15.1216  which should be reached on a fall through the current November low at 15.2103. En route are the June and October 2019 highs at 15.1866/1642.” 

“Below the 2018-2020 support line at 15.1216 lies the October 2018 high at 15.0589.” 

“Strong resistance above the 15.7362 November 12 high comes in between the June and October lows at 16.0838/3613.”

“While the cross remains below the 16.4977 late October high overall bearish pressure should prevail.”