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Further upside is likely to prompt USD/MYR to revisit the 4.4615 level in the short-term, according to FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research.
Key Quotes
“Our view for USD/MYR to edge higher last week was incorrect as it dropped sharply to 4.4310 before rebounding. USD/MYR traded on a firm note during early Asian hours today and the improved shorter-term upward momentum could lead to a retest of last week’s high at 4.4615.”
“At this stage, a sustained advance above this level appears unlikely. On the downside, support is at 4.4400 ahead of the 4.4310 low. The low is unlikely to come under threat this week.”
This article was originally published by Fxstreet.com. Read the original article here.