The continuation of the upside pressure could put USD/IDR en route to visit the 15,190 level in the near term according to Quek Ser Leang, Markets Strategist at UOB Group.

Key Quotes

“We expected USD/IDR to decline further last week but we were of the view that ‘it is unlikely to challenge the major support at 14,770’. We added, ‘On a shorter-term note, 14,850 is already quite a strong support level.’

“USD/IDR dropped to a low of 14,830 on Thursday. The sharp rebound from the low has gathered considerable momentum and we see room for USD/IDR to rise to 15,190. In view of the overbought short-term conditions, a sustained rise above this level is unlikely this week. Support is at 14,980, followed by 14,920.”