USD/MYR: Next major resistance aligns at 4.4500 – UOB

The continuation of the uptrend in USD/MYR is predicted to meet a major hurdle around 4.4500, according to FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“USD/MYR opened on a strong note this week and soared above last week’s 4.4260 high. Upward momentum has improved considerably and USD/MYR is likely to advance to the 2020 high at 4.4410.”

“For this week, the next major resistance at 4.4500 is likely out of reach. Support is at 4.4200 but only a break of the solid support at 4.4100 would indicate that the current upward pressure has eased.”