USD/IDR: Scope for further upside near term – UOB

According to Quek Ser Leang at UOB Group’s Global Economics & Markets Research, there is still room for extra gains in USD/IDR.

Key Quotes

“We expected USD/IDR to trade with an upside bias last week and we highlighted that resistance levels are at 14,408 and 14,448. Our expectations did not materialize but earlier today, USD/IDR edged above 14,408.”

“We still see upside risk for this week even though the major resistance at 14,448 is likely out of reach. Support is at 14,340.”