According to Markets Strategist Quek Ser Leang at UOB Group, USD/IDR could extend the upside bias further in the short-term horizon.

Key Quotes

“We highlighted last Monday (07 Feb, spot at 15,125) that ‘There is room for USD/IDR to rise to 15,190’. We added, ‘In view of the overbought short-term conditions, a sustained rise above this level is unlikely this week’. USD/IDR subsequently rose to 15,146, closed at 15,130 before surging above 15,190 in Asian trade today.”

“The price actions suggest USD/IDR is likely to advance further this week. Resistance levels are at 15,270, followed by a major level at 15,350. On the downside, support is at 15,130, a break of 15,050 would indicate that USD/IDR is not advancing further.”