In the view of Markets Strategist Quek Ser Leang at UOB Group, further upside in USD/MYR should meet a firm up-barrier at 4.4410 and 4.4550 in the near term.

Key Quotes

“Last Monday (17 Apr, spot at 4.4160), we highlighted that USD/MYR ‘is likely to edge higher but any advance is expected to face solid resistance at 4.4450’. While USD/MYR rose as expected, it did not quite threaten the resistance at 4.4450 (high has been 4.4400).”

“The underlying appears to be firm, and the bias for USD/MYR this week is still on the upside. That said, there are a couple of strong resistance levels at 4.4410 and 4.4550. Support is at 4.4190, followed by 4.3790.”