Further rangebound likely in USD/MYR – UOB

USD/MYR is now forecast to keep the 4.1350-4.1630 range in the next weeks, suggested Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“Last Monday (21 Jun, spot at 4.1460), we highlighted that USD/MYR ‘is likely to break the year-to-date high at 4.1570’.”

“We added, ‘in view of the overbought shorter-term conditions, the next resistance at 4.1700 could be out of reach this week’. Our view was not wrong as USD/MYR rose to 4.1660 before pulling back. Conditions remain overbought and the chance for USD/MYR to break above 4.1700 is not high.”

“For this week, USD/MYR is likely to consolidate and trade between 4.1350 and 4.1630.”