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