USD/MYR: Upside should meet a tough resistance at 4.4450 – UOB

The continuation of the upside momentum in USD/MYR is expected to face a solid barrier around 4.4450, notes Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

“We noted last week that ‘further range trading appears likely’ and expected USD/MYR to trade in a range between 4.3930 and 4.4350. Our view of range-trading was not wrong even though USD/MYR traded in a narrower range than expected (4.3790/4.4200). Despite the relatively quiet price actions, upward momentum appears to be building, albeit tentatively.”

“This week, we expect USD/MYR to edge higher but any advance is expected to face solid resistance at 4.4450. Support is at 4.4050; a break below 4.3950 would indicate that the current mild upward pressure has eased.”