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FxWirePro: USD/ZAR hits new 9-month high, upside bias remains

• USD/ZAR rose  to nine month high on Monday  as greenback continued to benefit from Friday's strong US jobs data.

• Friday's data showed robust U.S. job growth in December and a drop in unemployment, highlighting economic strength and prompting traders to reduce expectations of Fed rate cuts in 2025.

• On the data front,U.S. consumer price index (CPI), producer price index (PPI), weekly jobless claims and retail sales are the major data due for release this week.

• At GMT 10:02 the pair was trading down 0.51 percent  at 19.193.

• Immediate resistance is located at 19.244(23.6%fib), any close above will push the pair towards 19.303Higher BB).

• Strong support is seen at 19.080(Daily low) and break below could take the pair towards 18.923 (38.2%fib).

Recommendation: Good to buy around  19.180 with stop loss of 19.000 and target price of 19.400

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