USD/MYR faces key support at 4.1550 – UOB

In view of Quek Ser Leang at UOB Group’s Global Economics & Markets Research, USD/MYR’s downside momentum faces a tough support at 4.1550.

Key Quotes

“USD/MYR traded between 4.1750 and 4.1940 last week, narrower than our expected consolidation range of 4.1700/4.2000. The underlying tone has weakened somewhat and USD/MYR could drift lower this week.”

“That said, any weakness is unlikely to threaten the support at 4.1550. On the upside, a breach of 4.1950 would indicate that the current mild downward pressure has eased.”