FxWirePro: USD/ZAR slips as rand gains on U.S.-Iran developments

• USD/ZAR dipped on Tuesday as the South African rand strengthened amid mixed developments in the U.S.-Iran conflict.

• The U.S. military said it completed its latest strikes on Iran on Monday, marking the 10th consecutive night of attacks.

• Domestically focused investor attention will then ‌turn ⁠to June CPI   data on Wednesday and the central bank's rate decision on Thursday.

• Meanwhile, investors  also  await next week's Fed rate decision and Chair Kevin Warsh's comments after the two-day policy meeting.

•Traders are pricing in about a ​68% chance of a rate hike in September, according ​to the ⁠CME FedWatch Tool.

• Immediate resistance is located at 16.569(Higher BB) any close above will push the pair towards 16.638(Higher BB).

• Strong support is seen at 16.394(38.2%fib and break below could take the pair towards 16.188(Lower BB).

Recommendation: Good to sell  around 16.450 with stop loss of 16.650 and target price of 16.100