USD/MYR: Still scope for a move to 4.6360 – UOB

Pablo Piovano FXStreet

USD/MYR could still climb to the 4.6360 region in the near term, notes Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

Our expectation for USD/MYR to break above last month’s high of 4.6360 last week did not materialize as it traded in a range of 4.5940/4.6330 before ending the week little changed at 4.6110 (-0.02%). While upward momentum has not increased much, we see chance of USD/MYR testing 4.6360 this week before the risk of a more sustained pullback increases.

The next resistance at 4.6500 is unlikely to come into view. Support is at 4.5940, followed by 4.5750.

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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