Extra weakness in USDIDR should meet tough contention around 15,340 in the short-term horizon, notes Markets Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“While USD/IDR dropped sharply by 1.56% (Friday’s close of 15,490) last week, downward momentum has not improved much.”

“While USD/IDR could weaken further this week, any decline is expected to face solid support at 15,340 (minor support is at 15,450). Resistance is at 15,640, followed by 15,680.”