FX Strategist at UOB Group’s Global Economics & Markets Research Quek Ser Leang does not rule out further strength in USD/IDR in the near term.

Key Quotes

“Last Monday (26 Sep, spot at 15,120), we held the view that USD/IDR ‘appears to be on track for further gains’. We indicated, ‘The next resistance is at 15,150 followed by 15,200’. We underestimated USD/IDR strength as it surged to 15,273 last Thursday. Upward momentum remains strong and the risk for USD/IDR is still on the upside.”

“However, in view of the overbought conditions, any advance is unlikely to break clearly above 15,350. The rising trend-line support at 15,150 is a solid support level for this week.”