USD/MYR: Scope for further losses near term – UOB

Extra decline in USD/MYR still appears in store in the short term in the view of Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

USD/MYR traded in a range of 4.6360/4.6830 last week before closing at 4.6710 (-0.26%) on Friday. There is a slight increase in downward momentum, and we expect USD/MYR to edge lower this week.

However, any decline is unlikely to reach 4.6260 (there is another support level at 4.6350). Resistance is at 4.6850, followed by a rather strong level at 4.6960.