USD/MYR could extend the advance to the 4.2500 level and beyond, according to Quek Ser Leang at UOB Group’s Global Economics & Markets Research.
“While we expected USD/MYR to strengthen last week, we were of the view that ‘the prospect for a break of Sep’s high at 4.1990 is not high’. We clearly underestimated USD/MYR strength as it not only cracked 4.1990 but also rose above the Aug’s top of 4.2430 (high of 4.2470 on Friday).”
“The rapid rise is accompanied by strong upward and USD/MYR could continue to advance this week. The next resistance level of note is at 4.2500 followed by 4.2600. On the downside, 4.2200 is a strong support ahead of the “break-out” level of 4.1990.”
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.