USD/ZAR

U.S. dollar continues to gain strength against major emerging market currencies. In this update I’m analyzing the USD/ZAR (South African Rand). USD has been strong against the Rand since mid-2011. We are now seeing the uptrend accelerating towards the long-term resistance at 10.70 levels. Earlier tops in 2001 and in 2008 was marked with an upward spike. 10.70 is the likely short-term target.