Markets Strategist Quek Ser Leang at UOB Group’s Global Economics and Markets Research suggested further upside in USD/IDR appears likely in the short-term horizon.

Key Quotes

“USD/IDR closed higher for the fifth straight week last Friday (15,425, +1.15%). While the advance is overbought, upward momentum is strong and further advance in USD/IDR to 15,580 would not be surprising.”

“For this week, a break of the next resistance at 15,800 appears unlikely. Support is at 15,380 but only a break of 15,330 would indicate that the current upward pressure has eased.”