USD/MYR: Upside bias could extend to 4.2200 – UOB

Extra gains in USD/MYR could retest the 4.2200 level, suggested Quek Ser Leang at UOB Group’s Global Economics and Markets Research.

Key Quotes

“Our expectations for USD/MYR to test 4.1520 (rising trend-line support) last week were incorrect as it staged a surprising strong rise (high has been 4.2150 last Friday). Daily MACD has turned positive and there is room for USD/MYR to test 4.2200.”

“For this week, the next resistance at 4.2280 is unlikely to come under threat. Support is at 4.1760 followed by 4.1660.”