USD/MYR: Next strong hurdle comes at 4.2150 – UOB

Further recovery in USD/MYR remains focused on the tough barrier at 4.2150, suggested Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“We highlighted last Monday that ‘while downward momentum has not improved by much, there is room for USD/MYR to test the major support at 4.1620’. Our view was incorrect as USD/MYR edged higher before rising strongly after opening today.”

“The risk has shifted to the upside but at this stage, it is premature to expect a break of the major resistance level at 4.2150. On the downside, support is at 4.1900 followed by 4.1820.”