• 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
