USD/MYR: A breakout of 4.2000 is not ruled out – UOB


The Malaysian ringgit could depreciate to the 4.20 level vs. the dollar, noted Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“Our expectations for USD/MYR to ‘continue to trade sideways’ last week was incorrect as it soared to a high of 4.1905 on Friday (09 Jul). Upward momentum is strong and USD/MYR is likely to strengthen further.”

“A break of the major resistance at 4.2000 is not ruled out but it is left to be seen if it can maintain a foothold above this level.”

“For this week, the next resistance at 4.2220 is unlikely to come under threat. Support is at 4.1750 but only an unlikely breach of 4.1600 would indicate that the current 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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: Bullish hourly divergence, 38.2% ratio eyed

EUR/USD has stalled and is steady in the open. The bears have been in control to this point after breaking back below the 200-hour EMA.

EUR/USD News

GBP/USD a critical watch on BoE and Fed week

It is a critical week for GBP/USD traders as we have both the Bank of England and the Federal Reserve central bank meetings. At the time of writing, GBP/USD is moving sideways in a consolidated market, hugging a bullish 200 EMA channel, albeit pressured by a firm US dollar as investors survey the conditions of the market's risk profile. 

GBP/USD News

USD/CAD: Bulls take a breather below 1.2810-15 key hurdle

USD/CAD retreats from the monthly high to 1.2760 amid Monday’s Asian session. The Loonie pair justifies overbought RSI conditions staying above the short-term support line and 200-SMA. 

USD/CAD News

Bitcoin might be safe from a global stock market crisis

BTC’s lack of integration with traditional finance and its inability to be forcefully sold to cover financial losses mean the price might not ‘collapse’ if there is a global stock market meltdown.

Read more

EUR/USD: Bullish hourly divergence, 38.2% ratio eyed

EUR/USD has stalled and is steady in the open. The bears have been in control to this point after breaking back below the 200-hour EMA.

EUR/USD News

Forex MAJORS

Cryptocurrencies

Signatures