USD/MYR faces solid resistance around 4.5550 – UOB
|Further upside could prompt USD/MYR to meet the next resistance of note at 4.5550, note FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research.
Key Quotes
“While we expected USD/MYR to strengthen last week, we were of the view it ‘could advance further but the resistance at 4.5100 is unlikely to come into view for now’. We underestimated the upward momentum as USD/MYR soared to 4.5330 last Friday before extending its advance today. Upward momentum is strong and USD/MYR is likely to strengthen further.”
“That said, deeply overbought short-term conditions could ‘limit’ gains to 4.5550. Support is at 4.5300 but only a breach of 4.5150 would indicate the current strong upward pressure has eased.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.