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FxWirePro: USD/ZAR poised for further gains to revisit a key fibonacci level

• The USD/ZAR steadied on Wednesday  as   dollar continued to firm as investors banked on a more moderate decline in U.S. interest rates.

• The dollar has soared in recent weeks, with the U.S. dollar index  , which measures the US currency against six others, at 103.24, near its peak since early August

• Traders currently see about a 96% chance of a 25-basis-point U.S. rate cut in November, according to the CME FedWatch tool

 •At GMT 15:27, the pair was trading up 0.03 percent  at 17.633

• Immediate resistance is located at 17.681(23.6%fib), any close above will push the pair towards 17.722(Higher BB).

• Strong support is seen at 17.556 (50%fib) and break below could take the pair towards 17.458(61.8%fib)

Recommendation: Good to buy  around 17.610 with stop loss of 17.400 and target price of 17.700

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