USD/MYR: Further upside remains on the cards but… - UOB – by pabspiovano USDMYR Currencies Crosses Banks
is not ruled out, although a test of the 4.51 hurdle remains elusive for the time being, suggests Quek Ser Leang, FX Strategist at UOB Group’s Global Economics & Markets Research.“While we expected USD/MYR to strengthen last week, we were of the view that ‘the major resistance at 4.4980 is likely out of reach’. However, USD/MYR took out 4.4980 and rose to 4.5020. Upward momentum has improved, albeit not by much.
“For this week, USD/MYR could advance further but the resistance at 4.5100 is unlikely to come into view for now. Support is at 4.4930 but only a break of 4.4900 would indicate that the current upward pressure has eased.”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.
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