FXOne would like to thank Warrick Butler from Standard Bank for his valued contribution to the currency comment this morning. Good morning Did you hear they arrested the Devil? They got him on possession. Current USDZAR level: 16.2350/16.2450 Rand range last week: 15.6500-16.2100 and NY Friday close: 16.1250 The elevator finally fell hard with a just about everyone on board, including this writer. Ouch. The crowded PGM and short dollar trade has unwound in two very painful days, and I am not sure it is going to slow down or even stop just yet. It is the proverbial sheep through the gate scenario that I always warn about and end up being on of them scrambling for the exit. False break city on my two weekly charts that I have been following closely for the last few months. Think of a Tarantino movie scene with blood and guts everywhere, or just another real-life cartel massacre in Mexico. Thrown into the mix was a cautious SARB last week choosing the path of least resistance and holding rates steady. Did they maybe know something we didn’t. The Rand has weakened 4% since the low print on Thursday just after the MPC decision. Not nearly as much as Gold, Silver et al but still a fair whack on what was pretty much an assured one-way bet. It is going to take a brave man to stick his hand out to buy commodities now. But you never know, Iran and US find themselves staring down the barrel again and a lot of this haemorrhaging can reverse quick time too, it is that erratic. Bit of a level this morning at 16.2000 and going to be interesting to see if we close the day below or above this level. After what has been an exceptional move since 18.3500 in August 2025, a correction is par for the course, we just didn’t expect it to happen in 2 days, well certainly I didn’t. Good luck and hope you have a great week ahead Support levels – 16.2000, 16.00/15.95, 15.8500, 15.6500, 15.5000 Resistance levels – 16.5000, 16.8000, 17.0000, 17.2000, 17.3500 | 
