The continuation of the downtrend looks likely in USD/IDR in the short term, comments Markets Strategist at UOB Group Quek Ser Leang.

Key Quotes

“USD/IDR dropped sharply and rapidly over the last couple of weeks. While further USD/IDR weakness is not ruled out, any further decline is unlikely to challenge the major support at 14,770 this week.”

“On a shorter-term note, 14,850 is already quite a strong support level. Resistance is at 15,100, followed by 15,200.”