We expected USD/IDR to “advance further” last week. We indicated that “the major resistance at 15,315 is likely out of reach.” However, after rising to 15,219, USD/IDR turned around and plummeted to a low of 14,910.

The sharp and swift drop has scope to extend even though June’s low of 14,815 is unlikely to come into view this week (there is another support level at 14,885). On the upside, 15,165 is a strong resistance level now. Minor resistance is at 15,085.