USD/MYR now targets 4.6360 and above – UOB

Markets Strategist Quek Ser Leang at UOB Group suggests USD/MYR could surpass the key resistance level at 4.6360 in the short term.

Key Quotes

While the recent advance in USD/MYR appears to have slowed somewhat, there is no sign of a possible reversal just yet.

This week, while there is room for USD/MYR to break above last month’s high of 4.6360, it might not be able to maintain a foothold above this level. The next resistance at 4.6600 is unlikely to come into view. Support is at 4.6050, a break of 4.5850 would suggest the current upward pressure has faded.