USD/MYR: Rising bets for extra gains – UOB

The bullish view in USD/MYR remains unchanged for the time being, according to Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

“Our view for USD/MYR to ‘trade with a downward bias towards 4.4200’ last week was incorrect. From a low of 4.4300, USD/MYR turned around and surged to a high of 4.4780 last Friday. Upward momentum is strong and USD/MYR extended its rally today.”

“Further USD/MYR strength is likely this week, but it might not be able to break above the March high of 4.5290. Support is at 4.4700, followed by 4.4500.”