USD/MYR risks further retracements in the near term – UOB

Extra selling pressure could force USD/MYR to slip back to the 4.7320 zone in the near term, according to Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

Last week, USD/MYR traded in a range of 4.7650/4.7900 before closing at 4.7760 (+0.23%). USD/MYR traded on a weak note today as it dropped sharply from the opening. The sharp drop has increased the likelihood of a pullback in USD/MYR to 4.7430, possibly 4.7320.

In order to maintain the buildup in momentum, USD/MYR must stay below 4.7900. Note that 4.7800 is already a strong resistance level.