USD/MYR: Upward bias improves further – UOB

Further upside appears on the cards for USD/MYR in the near term, notes Markets Strategist Quek Ser Leang UOB Group.

Key Quotes

Our view for USD/MYR to trade in a range last week was incorrect. Instead of trading in arrange, USD/MYR rose to a high of 7.7060. Upward momentum is improving, and this week, USD/MYR is likely to rise further to 4.7150.

A break of this level is not ruled out, but at this stage, it is premature to expect USD/MYR to rise to last year’s peak at 4.7470. Support is at 4.6820; if USD/MYR breaks below 4.6730, it would mean that it is not rising further.