In the view of Market Strategist at UOB Group Quek Ser Leang, there is still sciope for further upside in USD/IDR in the short term.

Key Quotes

24-hour view: “Last week, we held the view that USD/IDR ‘is likely to edge higher to 15,245 but a sustained rise above this level is unlikely’. Our view did not materialize as USD/IDR rose to 15,228 before closing at 15,220 on Friday (+0.13%). USD/IDR traded on a strong footing after opening today and has broken above the major resistance at 15,245.”

“The rapid increase in momentum suggests further USD/IDR strength this week. However, it remains to be seen if the next major resistance at 15,490 is within reach this week. The upside risk is intact as long as USD/IDR stays above 15,140 (minor support is at 15,200).”