Our expectation for USD/MYR to break above last month’s high of 4.6360 last week did not materialize as it traded in a range of 4.5940/4.6330 before ending the week little changed at 4.6110 (-0.02%). While upward momentum has not increased much, we see chance of USD/MYR testing 4.6360 this week before the risk of a more sustained pullback increases.

The next resistance at 4.6500 is unlikely to come into view. Support is at 4.5940, followed by 4.5750.