USD/MYR faces potential gains near-term – UOB

Pablo Piovano FXStreet

The outlook for USD/MYR points to extra gains in the short-term horizon, according to FX Strategists at UOB Group.

Key Quotes

“Last Monday (17 May, spot at 4.1320), we expected USD/MYR to strengthen but we were of the view that ‘it is too early to expect USD/MYR to advance to the late March high of 4.1570’.”

“Our view was not wrong as USD/MYR rose to 4.1470 on Friday. Upward momentum has improved, albeit not by all that much.”

“For this week, USD/MYR could continue to strengthen but barring a sudden surge in momentum, 4.1570 is likely out of reach. Support is at 4.1280 followed by 4.1200. From the perspective of more than a month, the key support is at 4.0980.”

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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