USD/MYR now targets the 4.2500 level – UOB

USD/MYR could extend the advance to the 4.2500 level and beyond, according to Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“While we expected USD/MYR to strengthen last week, we were of the view that ‘the prospect for a break of Sep’s high at 4.1990 is not high’. We clearly underestimated USD/MYR strength as it not only cracked 4.1990 but also rose above the Aug’s top of 4.2430 (high of 4.2470 on Friday).”

“The rapid rise is accompanied by strong upward and USD/MYR could continue to advance this week. The next resistance level of note is at 4.2500 followed by 4.2600. On the downside, 4.2200 is a strong support ahead of the “break-out” level of 4.1990.”