Forex Flash: USD/ZAR targets 8.4422 and 8.4629 - Commerzbank

FXstreet.com (Barcelona) - Having bounced off the 50% retracement of this year's advance at 8.0543 in early July, the USDZAR did it once again two weeks ago and now rises towards the 3-month resistance, at 8.4422, and 8.4629 (May-23 high): "This will need to be breached for the 8.5495 July peak and the 8.7063 June high to be back in play", wrote Commerzbank analyst Karen Jones, pointing to positive daily slow stochastics, MACD and the DMI, and high risk that the 8.4422/629 resistance is taken out. On the downside, key support is 8.0633/8.0239 July/August lows, 200 day moving average and the 2011-12 support line).