FxWirePro: USD/ZAR remains weak, eyes 23.6% fib support

• USD/ZAR slipped lower on Monday  as U.S. dollar came under pressure as investors monitored the Middle East conflict and braced for the U.S. Federal Reserve's rate decision on Wednesday.

•  Investors are also focused on the Fed's two-day policy meeting, which wraps up on Wednesday. The U.S. central bank is widely expected to keep interest rates unchanged.

•  Investors will closely scrutinize the accompanying statement, economic projections, and Fed Chair Jerome Powell’s press conference for any signals on the future path of monetary easing.

• A dovish tilt from the Federal Reserve could intensify selling pressure on the U.S. dollar, which is already under strain as investors lose confidence in its safe-haven appeal.

• Immediate resistance is located at 17.935(38.2%fib), any close above will push the pair towards 18.057(Higher BB).

• Strong support is seen at 17.682(23.6%fib) and break below could take the pair towards 17.603(Lower BB)

Recommendation: Good to sell  around 17.800 with stop loss of 18.200 and target price of 17.500