USD/MYR faces some consolidation near term - UOB

Quek Ser Leang at UOB Group’s Global Economics & Markets Research suggests USD/MYR could navigate within the 4.1680-4.2060 range.

Key Quotes

“The sharp drop in USD/MYR to a low of 4.1680 last week came a surprise (we were expecting USD/MYR to test the resistance at 4.2200). The rapid decline appears to be running ahead of itself and USD is unlikely to weaken further.”

“For this week, USD/MYR is more likely to consolidate between 4.1680 and 4.2060. Looking ahead, a break of 4.1680 is not ruled but any decline is expected to encounter solid support at 4.1620 followed by 4.1560.”