In the opinion of Markets Strategist at UOB Group Quek Ser Leang, USD/MYR could lose further momentum and visit the 4.3570 zone in the short-term horizon.

Key Quotes

“Last week, USD/MYR traded in a relatively quiet manner between 4.3850 and 4.4050 before closing little changed at 4.4010 (+0.02%). USD/MYR dropped below 4.3850 today and downward momentum is beginning to build.”

“This week, USD/MYR is likely to trade with a downward bias toward last month’s low of 4.3570, possibly 4.3400. Resistance is at 4.4050, followed by 4.4200.”