FxWirePro: USD/ZAR rises as global recession fears weaken South African rand

• USD/ZAR rose on Monday as  South African rand  weakened as global recession fears mounted over U.S. President Donald Trump's sweeping tariffs.

•China retaliated to U.S. President Donald Trump's tariffs on Friday, announcing a 34% levy on American goods, heightening investor concerns that a full-scale global trade war has begun.

• Trump showed no intention of backing down from his tariff plans on Sunday, prompting investors to flock to "safe-haven" currencies such as the yen and Swiss franc on Monday.

• The rand is highly sensitive to risk and tends to be dumped at times of global market uncertainty.

• At GMT 09:17, The south African  rand was last  trading up 1.56% to 19.377

• Immediate resistance is located at 19.441 (Daily high), any close above will push the pair towards 19.614(23.6%fib).

• Strong support is seen at 18.499 (50%fib) and break below could take the pair towards 18.421(Daily low).

Recommendation: Good to buy around 19.200 with stop loss of 19.000 and target price of 19.700