USD/MYR: Further upside faces a solid hurdle around 4.5790 – UOB – by pabspiovano USDMYR Currencies Crosses Banks
are expected to meet decent resistance around the 4.5790 region for the time being, notes Markets Strategist Quek Ser Leang at UOB Group.After USD/MYR dropped to a low of 4.5150 and rebounded, we highlighted last Monday that “Despite dropping to 4.5150, there is no clear increase in momentum”, and we expected USD/MYR to trade in a range between 4.5250 and 4.5790. Our expectations were incorrect as USD/MYR fell to 4.4950, then rebounded strongly to end the week unchanged at 4.5530.
The rebound has gained some momentum, and this week, there is room for USD/MYR to rebound further. However, any advance is unlikely to break clearly above 4.5790 . On the downside, if USD/MYR breaks below 4.5120 , it would indicate that the buildup in momentum has easedInformation on these pages contains forward-looking statements that involve risks and uncertainties.
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