FxWirePro: USD/ZAR advantage bears but major supports holds

• USD/ZAR dipped on Wednesday as  South Africa's rand firmed ahead of a key U.S. inflation report that could provide clues on the Federal Reserve's interest rate path.

•Investors were awaiting the U.S. Consumer Price Index (CPI) report due later in the day to see if it supports the Fed's cautious stance on rates.

The rand, like other risk-sensitive currencies, reacts to global factors, particularly   economic indciators from major economies.

 •At GMT 16:32, the pair was trading down 0.16 percent  at 18.859.

• Immediate resistance is located at 19.016  (Jan 14th high), any close above will push the pair towards 19.165 (23.6%fib).

• Strong support is seen at 18.852 (38.2%fib) and break below could take the pair towards 18.587(50%fib)

Recommendation: Good to sell around 18.930 with stop loss of 19.100 and target price of 18.600