USD/MYR now faces some consolidation – UOB

USD/MYR could trade between 4.6540 and 4.7550 in the next few weeks, according to Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

Last Monday (06 Nov), when USD/MYR was trading at 4.6900, we highlighted that “the outlook for USD/MYR is still negative.” We added, “it could drop to 4.6480, but the next support at 4.6300 is likely out of reach for now.” While USD/MYR then plunged to a low of 4.6260, it snapped back up and ended the week at 4.7060 (-0.42%). Downward pressure has faded with the sharp bounce.

This week, we expect USD/MYR to consolidate, likely in a range of 4.6540/4.7550.