FxWirePro: USD/ZAR bears maintain upper hand

• USD/ZAR slipped lower on Monday as the U.S. dollar weakened ahead of key U.S. jobs data

• This week’s August jobs report is expected to show that U.S. employers added 55,000 jobs, according to the median forecast of economists surveyed by Reuters..

• August’s producer price inflation report is due on September 10, followed by the consumer price inflation report on September 11..

• Fed funds futures traders are now pricing in 64% odds ​of a September rate hike, up from around 35% before Warsh’s comments on Friday.

• Like other risk-sensitive currencies, the rand tends ​to take its cues from global developments, including U.S. economic data and policy signals..

• Immediate resistance is located at 16.154(SMA 20), any close above will push the pair towards 16.330(SMA 02).

• Strong support is seen at 15.907(23.6%fib) and break below could take the pair towards 15.805(Lower BB).

Recommendation: Good to sell around 16.120 with stop loss of 16.200 and target price of 15.900