USD/MYR: Bulls face the next hurdle of note at 4.7000 – UOB

Extra gains in USD/MYR should meet a tough barrier around 4.7000 according to Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

Last week, we expected USD/MYR to trade in a range between 4.6250 and 4.6660. Instead of trading in a range, USD/MYR rose to a high of 4.6790. Upward momentum has increased, albeit not much.

This week, USD/MYR could edge above June’s high of 4.6880 before the risk of a pullback increases. The next resistance at 4.7000 is unlikely to come under threat. In order to maintain the buildup in momentum, USD/MYR must stay above 4.6500.