Last Monday (11 Sep, spot at 15,353), we held the view that USD/IDR “is likely to break above last month’s high of 15,359.” We indicated that “The next resistance levels above 15,359 are at 15,375 and 15,400.” Our view for USD/IDR to advance was not wrong, as it rose to a high of 15,385 before pulling back to end the week at 15,350 (+0.17%).

Upward momentum has not improved much, but USD/IDR could test 15,400 before easing. The next resistance at 15,425 is not expected to come into view. On the downside, if USD/IDR breaches 15,320, it would mean that the current upward pressure has faded