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USD/ZAR Humbled by Psychological Resistance at 17.700

February 7, 2023

Via: DailyFX

The South African Rand is trading near the key psychological resistance currently resting around 17.7000. With the January low holding at a level of 16.694, a rebound off 17.00 has supported USD/ZAR, pushing prices towards mid-December levels of 17.700.

As USD/ZAR approaches the 2016 high (at 17.8187), both fundamental and technical factors continue to contribute towards ascertaining a clear directional bias.

Despite the economic and political issues currently weighing on the volatile Rand, a firm layer of technical support has formed around the October low of 17.5728.

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