Markets Strategist Quek Ser Leang at UOB Group suggests USD/MYR could extend the upside bias further and retest the 4.6880 zone in the near term.
Our expectations for USD/MYR to “edge above June’s high of 4.6880” last week did not materialise. USD/MYR traded in a relatively quiet manner between 4.6670 and 4.6850.
While there is hardly any increase in momentum, we continue to see room for USD/MYR to edge above 4.6880. The next major resistance at 4.7000 is unlikely to come into view. Support is at 4.6650, followed by 4.6500.
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