USD/MYR faces a probable drop to 4.0950 – UOB

Pablo Piovano FXStreet

The Malaysian ringgit could appreciate to the 4.0950 level vs. the dollar in the near term, noted Quek Ser Leang from Global Economics & Markets Research at UOB Group.

Key Quotes

“Last Friday (11 Jun), USD/MYR cracked the rising trend-line support dropped quickly to 4.1050. While the risk has shifted to the downside, it is too early to expect a sustained decline.”

“For this week, there is room for USD/MYR to test 4.0950 but the next major support at 4.0860 is not expected to come into the picture. Resistance is at 4.1190 but only a break of 4.1240 would indicate that the current downward pressure has eased.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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