Quek Ser Leang at UOB Group’s Global Economics & Markets Research suggested the upside momentum could motivate USD/MYR to challenge the 4.2600/4.2650 area in the short term.

Key Quotes

“USD/MYR traded on a strong note today and upward momentum is beginning to build. The risk for this is week on the upside towards 4.2600, possibly 4.2650. Support is at 4.2310 followed by 4.2200.”

“The rising trend-line support and 55-day exponential moving average (both near 4.2050) are not expected to come under threat, at least for these 1 to 2 weeks.”