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FxWirePro: USD/ZAR fluctuates ahead of key Fed policy announcement

• USD/ZAR initially gained but gave ground as market participants awaited interest rate decision by the U.S. Federal Reserve later in the day.

•Investors focused on the Fed meeting outcome, with traders widely expecting the central bank to keep rates unchanged.

• The Fed is set to release new economic projections, revealing whether policymakers still anticipate rate cuts by year-end as they assess the early impact of the Trump administration.

 At GMT 15:06, the pair was trading up 0.33 percent  at 17.493 after reaching daily high at 18.284.

• Immediate resistance is located at 18.221  (50%fib), any close above will push the pair towards 18.279 (March 19th high).

• Strong support is seen at 18.065(38.2%fib) and break below could take the pair towards 17.958 (Lower BB).

Recommendation: Good to buy around 18.200 with stop loss of 18.400 and target price of 17.950

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