USD/MYR faces potential gains near-term – UOB

The outlook for USD/MYR points to extra gains in the short-term horizon, according to FX Strategists at UOB Group.

Key Quotes

“Last Monday (17 May, spot at 4.1320), we expected USD/MYR to strengthen but we were of the view that ‘it is too early to expect USD/MYR to advance to the late March high of 4.1570’.”

“Our view was not wrong as USD/MYR rose to 4.1470 on Friday. Upward momentum has improved, albeit not by all that much.”

“For this week, USD/MYR could continue to strengthen but barring a sudden surge in momentum, 4.1570 is likely out of reach. Support is at 4.1280 followed by 4.1200. From the perspective of more than a month, the key support is at 4.0980.”