The ongoing upside momentum is expected to keep the bullish bias around USD/IDR unchanged, according to Markets Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“We highlighted last Monday that ‘USD/IDR is still strong and further advance to 15,580 would not be surprising’. We added, ‘For this week, a break of the next resistance at 15,750 appears unlikely’. Our view for USD/IDR to strengthen was not wrong as it rose to a high of 15,633.”

“While overbought, further USD/IDR strength appears likely and a break of 15,750 would not be surprising. For this week, the next major resistance at 15,900 is unlikely to come into the picture. Support is at 15,500, followed by 15,400.”