• The USD/ZAR rose on Tuesday as dollar firmed fueled by expectations that the Federal Reserve will proceed with modest rate cuts over the next year and a half.
•On the data front, South African business confidence dipped in September on lower vehicle and retail sales and a drop in the value of building plans
• Investors will continue to watch developments indicating the Federal Reserve's rate-cutting path and Chinese asset volatility, both of which could influence the risk-sensitive rand's direction.
•At GMT 15:55, the pair was trading down 0.28 percent at 17.607
• Immediate resistance is located at 17.705 (23.6%fib), any close above will push the pair towards 17.765(Higher BB).
• Strong support is seen at 17.586 (50%fib) and break below could take the pair towards 17.482(61.8%fib)
Recommendation: Good to buy around 17.580 with stop loss of 17.400 and target price of 17.700
