Markets Strategist at UOB Group Quek Ser Leang notes a sustained move above 15,745 seems out of favour for the time being.

Key Quotes

“We expected USD/IDR to weaken further last week. However, USD/IDR rose to a high of 15,700. While overbought, the advance is not showing any signs of weakness just yet.”

“For this week, USD/IDR could rise above 15,745 but in view of the overbought conditions, it is unlikely to be able to maintain a foothold above this level (next resistance is at 15,810). Support is at 15,600, a breach of the next support at 15,550 would indicate that the current upward pressure has eased.”