Further upside in USD/MYR should meet a tough hurdle at the 4.4980 region, suggests FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“Last Monday (22 Aug, spot at 4.4800), we held the view that USD/MYR ‘could strengthen further but the 2017 high at 4.4980 is likely out of reach’. However, USD/MYR did not strengthen but dipped to 4.4650 last Friday (26 Aug).”

“USD/MYR soared upon opening today (29 Aug) and the bias for this week still appears to be tilted to the upside. That said, 4.4980 could still be out of reach, at least for this week. On the downside, support is at 4.4650 followed by the major level at 4.4615.”