USD/MYR likely to trade in the 4.1700/4.2000 range – UOB

USD/MYR has likely moved to a consolidative 4.1700/4.2000 range in the short term, commented Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“While USD/MYR rose sharply late last week, it retreated without testing the round-number resistance at 4.2000 (high of 4.1990).”

“Shorter-term upward momentum is beginning to wane and this coupled with overbought conditions indicate that USD/MYR is likely to consolidate for this week, expected to be within a 4.1700/4.2000 range.”