Further upside likely in USD/MYR – UOB

According to Quek Ser Leang at UOB Group’s Global Economics & Markets Research, USD/MYR faces prospects of extra gains to the 4.2450 level.

Key Quotes

“We expected USD/MYR to trade within a range of 4.2070/4.2350 last week. However, USD/MYR rose to a high of 4.2390 before edging above the strong resistance 4.2400 earlier today.”

“Upward momentum has improved slightly and the bias for this week is tilted to the upside towards 4.2450. At this stage, the prospect for a sustained advance above 4.2450 is not high. The next major resistance at 4.2580 is not expected to come into the picture.”

“On the downside, a break of 4.2150 would indicate that the current upward bias has eased (minor support is at 4.2280).”