USD/MYR: Still scope for a drop to 4.1520 – UOB

According to Quek Ser Leang at UOB Group’s Global Economics & Markets Research, USD/MYR could still retest the 4.1520 support zone.

Key Quotes

“USD/MYR dropped to a 1-1/2 - month low of 4.1620 last Friday. While the rapid decline over the past couple of weeks appear to be running ahead of itself, there is room for USD/MYR to test 4.1520.”

“For this week, a sustained drop below this major support level is unlikely. Resistance is at 4.1800 followed by 4.1920. Looking ahead, the next support below 4.1520 is at 4.1400.”