USD/MYR: Next resistance comes at 4.62 – UOB
|Extra upside could lift USD/MYR to the 4.62 level in the near term, according to 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 that ‘overbought short-term conditions could ‘limit’ gains to 4.5550’. We underestimated the upward momentum as USD/MYR easily took out 4.5550.”
“USD/MYR extended its sharp rise today and in view of the rapid upward acceleration, a break of 4.6000 would not be surprising. The next resistance is at 4.6200, followed by 4.6500. On the downside, the rising trend-line support at 4.5700 is likely strong enough to hold any pullback.”
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.