USD/MYR risks a deeper drop near term – UOB

USD/MYR remains under pressure and poised to drop further in the near term, suggests Markets Strategist at UOB Group Quek Ser Leang.

Key Quotes

“USD/MYR closed sharply lower for the fourth week in a row last Friday (4.3830, -2.06%). While further weakness is not ruled out, deeply oversold conditions suggest any decline is likely to be at a slower pace and a clear break of 4.3240 is unlikely.”

“Resistance is at 4.4180; a breach of 4.4450 would indicate the current weakness has stabilized.”