Further upside seen in USD/MYR near term – UOB

FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research suggested USD/MYR could maintain the bullish bias for the time being.

Key Quotes

“While we expected USD/MYR to strengthen last week, we were of the view that ‘a sustained advance above 4.4615 is unlikely’. We did not anticipate the strong rally as USD/MYR soared to 4.4780 last Friday before extending its advance today.”

“Further USD/MYR strength is not ruled out but shorter-term conditions are deeply overbought and the 2017 high at 4.4980 is likely out of reach for now (there is another resistance at 4.4900). On the downside, the ‘break-out’ level at 4.4615 is a solid support level now.”