USD/IDR could likely face extra consolidation in the short-term horizon, noted Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“We highlighted last Monday (20 Jun, spot at 14,830) that USD/IDR ‘is likely to strengthen further but the major resistance at 14,950 is likely out of reach’. We added, ‘there is another resistance at 14,900’”.

“USD/IDR rose to a high of 14,872 on Wednesday before pulling back. Shorter-term upward pressure has eased and USD/IDR is likely to trade sideways for this week, expected to be within a range of 14,720/14,870.”