USD/MYR extra decline not ruled out – UOB

According to Markets Strategist at UOB Group Quek Ser Leang, USD/MYR faces a solid support around 4.20 for the time being.

Key Quotes

“USD/MYR dropped to a fresh 9-1/2month low of 4.2200 last week before closing lower by 0.98% (Friday’s close of 4.2410).”

“Further USD/MYR weakness is not ruled out but in view of the deeply oversold conditions, any decline is unlikely to break the support at 4.2000 (4.2200 is likely to offer strong support already). Resistance is at 4.2650.”