USD/MYR faces some range bound trade near term – UOB

Markets Strategist Quek Ser Leang at UOB Group suggests USD/MYR could move into a consolidative phase prior to the resumption of the uptrend.

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Last week, USD/MYR soared and ended the week higher by 1.31% (Friday’s close of 4.6450). While strong momentum suggests USD/MYR could rise further, overbought short-term conditions could lead to a few days of consolidation first.

Overall, as long as USD/MYR stays above 4.6100 (there is another support at 4.6250), it could rise to 4.6700 later on. This week, the next resistance at 4.6880 is unlikely to come into view.