• USD/ZAR initially gained on Monday but gave up ground as traders awaited South African and US economic data .
• South African inflation data for January will be released on Wednesday, with expectations for year-on-year CPI to increase to 3.3% from 3.0% in December.
• January producer price data will be released on Thursday, with a 1.0% year-on-year increase expected. Trade and budget balance figures for January are scheduled for release on Friday.
• The U.S. will release personal consumption expenditure index data for January and the fourth quarter of 2024 later in the week.
•At GMT 11:23, the pair was trading down 0.15 percent at 18.359.
• Immediate resistance is located at 18.602 (50%fib), any close above will push the pair towards 18.704(Higher BB).
• Strong support is seen at 18.290(61.8%fib) and break below could take the pair towards 18.181(Lower BB)
Recommendation: Good to sell around 18.360 with stop loss of 18.420 and target price of 18.220
