USD/MYR could grind lower to the 4.1620 area – UOB

Further downside in USD/MYR carries the potential to revisit the 4.1620 support, in opinion of Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“Our view for USD/MYR to strengthen last week was incorrect as it slumped to a low of 4.1700 last Friday. While downward momentum has not improved by much, there is room for USD/MYR to test the major support at 4.1620 (next support at 4.1370 is not expected to come into the picture).”

“At this stage, a sustained decline below this level is unlikely. Resistance is at 4.1900 followed by 4.2000.”