USD/MYR: Strong resistance at 4.4980 appears out of reach – UOB

The continuation of the uptrend in USD/MYR seems favoured for the time being, but a visit to the solid hurdle at 4.4980 seems not favoured, suggests FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“We highlighted last Monday (29 Aug, spot at 4.4800) that ‘the bias for USD/MYR is on the upside but the major resistance at 4.4980 is likely out of reach’. USD/MYR subsequently rose to 4.4890 before trading sideways.”

“While upward momentum has not improved, there is room for USD/MYR to edge higher. However, 4.4980 is still likely out of reach. On the downside, support is at 4.4750 followed by the major level at 4.4650.”