Societe Generale notes the USD/ZAR downtrend has paused after an interim low near 15.63 in January, with the pair struggling to reclaim its 200-day moving average. A recent pivot high around 16.80–16.92 forms key resistance, whose break would confirm a larger bounce. However, a drop below the April low at 16.12 would signal resumption of the broader downtrend.

Key resistance and support levels in focus

"USD/ZAR downtrend stalled after carving out an interim low near 15.63 in January."

"The recent pivot high around 16.80/16.92 marks a short-term resistance zone."

"Overcoming this hurdle is crucial to confirm a larger bounce."

"Failure to defend the April low of 16.12 may result in resumption of the downtrend."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)