USD/IDR: Bias remains tilted to the downside – UOB

Quek Ser Leang at UOB Group’s Global Economics & Markets Research still view USD/IDR attempting a move to 14,170.

Key Quotes

“Last Monday, we highlighted that ‘the bias for this week is tilted to the downside towards 14,220’. Our view for a weaker USD/IDR was not wrong even though the subsequent weakness exceeded our expectations as USD/IDR dropped to 14,190 last Friday (08 Oct)”.

“Downward momentum has increased and the bias for this week is still on the downside.  A break of September’s low at 14,170 would not be surprising but the next major support at 14,120 is unlikely to come under threat. Resistance is 14,250 followed by 14,300.”