USD/MYR: Further consolidation remains in store – UOB

USD/MYR should maintain the 4.4500-4.4900 range for the time being, suggests Market Strategist Quek Ser Leang at UOB Group.

Key Quotes

“Our expectations for USD/MYR to test the major resistance at 4.5000 did not quite materialize as it rose to 4.4950 to end the week at 4.4730 (+0.90%).”

“Overbought conditions combined with waning upward momentum suggest USD/MYR is unlikely to advance further. This week, USD/MYR is likely to consolidate between 4.4500 and 4.4900”.